NCERT Solutions for Class 11 Accountancy Chapter 3 Recording of Transcations 1

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Class 11 Accountancy NCERT Solutions Chapter 3 Recording of Transcations 1

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The NCERT Solutions Class 11 Accountancy Chapter 3 are available on Vedantu in a PDF format. Download the NCERT Solutions for Class 11 Accountancy Chapter 3 PDF from Vedantu for free and refer to them to develop a conceptual understanding of the topics covered in this chapter. Our subject-matter experts have prepared these NCERT Solutions in an easy to understand manner that helps you to analyze and revise the NCERT Accountancy Book Class 11 Solutions Chapter 3 better. You can rely upon these NCERT Solutions for effective exam preparation.

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NCERT Solutions for Class 11 Accountancy Chapter 3 Recording of Transcations 1 part-1
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FAQ (Frequently Asked Questions)

1. Write the procedure for posting the ledger accounts.

Ledger is an accounting book where the journalized transactions are being classified. The process of transferring the debit and credit items from the journal to the ledger in their respective accounts is called posting. 

Procedure for posting the ledger accounts: 

  • Bookkeepers can select entries of any specific side either debit or credit first and then post all the transactions of that side in the ledger accounts. 

  • Bookkeepers can post entries based on a specific amount and can complete all the debits and credits of that specific amount and then move onto the other account. 

  • Bookkeepers can post entries in accounts in a sequence of journal entries. This method is effective as the entries are posted as and when they are recorded in the journal. 

2. Write in detail about the double-entry bookkeeping system.

In the 15th century, Venetian merchants initiated the concept of the double-entry system of bookkeeping. It is the only system that records the aspects of a transaction. 

In the double-entry system, the transactions and events are recorded with the help of the ‘debit-credit rule’. This rule provides instructions for recording or making changes in the elements of balance sheets (liability, equity, and assets). The double-entry system explains the two-fold effect of every transaction. Vedantu’s NCERT Solutions for Class 11 Accountancy Chapter 3 provide some of the best practical examples that help you analyze the concepts better.