Class 11 Accountancy NCERT Solutions Chapter 3 Recording of Transactions 1
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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FAQs on NCERT Solutions for Class 11 Accountancy Chapter 3 Recording of Transactions 1
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.
3. Where will I find NCERT Solutions for Class 11 Accountancy Chapter 3?
Students can find NCERT Solutions for Class 11 Accountancy Chapter 3 online. All NCERT Solutions are available online on Vedantu website and on the Vedantu app. The solutions are made by expert and professional subject teachers for easy understanding of concepts. NCERT Solutions cover the entire topic and help students to clear their doubts. Students can easily download the solutions on their computers and revise all concepts during the exams.
4. What is the importance of source documents in accounting?
Source documents are very useful for accounting. The importance of source documents is given here:
It helps to determine if a transaction has happened or not
It gives important information related to the date, account, and people involved in a particular transaction.
It can also be used as proof in court.
It also helps in verifying different transactions when an audit is done.
5. What are the rules followed while making debit and credit?
Debit and Credit rules are followed throughout the world. Credit means when money is deposited in the bank account and debit means when money is taken out from an account. It helps in determining the use of funds. When assets increase, money is taken out from an account and when assets reduce money is credited to an account. Students can refer to the NCERT Solutions on Vedantu. The NCERT Solutions for Class 11 Accountancy can help students to understand all concepts.
6. What is Accounting useful for Class 11?
Accounting is important for Class 11 students as it helps them to secure a job in a banking sector or any other financial institution. Accounting is used for maintaining a record of all transactions of a company. It helps in determining the net profit or loss of a company. It also helps in making a comparison of the results of the current financial year with the previous years. It helps in determining the frauds that may occur in a company.
7. What is the best way to download NCERT Solutions Class 11 Accountancy Chapter 3?
The best way to download NCERT Solutions Class 11 Accountancy Chapter 3 is to visit the Vedantu website. You will find a link to download the NCERT Solutions for Chapters 3 Class 11 Accountancy. Click on the link given to download the NCERT Solutions. You can download the solutions in the form of a PDF file and save them on your computer for free. These solutions are also available on the Vedantu app at free of cost. Students can refer to the solutions anytime or just before the exams for a quick revision for the exams.