Class 11 Accountancy NCERT Solutions - Free PDF Download
Accountancy is a new subject for the fresh Commerce batch. This subject is a very practical and interesting subject which has a lot of scope for career options. One can explore their interests in accountancy through this subject and maybe even end up selecting it as a career option.
What is Accountancy?
It is a subject that deals with the recording of financial details. All the transactions are recorded in a sequential manner which includes analysis, reports, and summaries. This is very important information that acts as feedback for the management and also serves as a record for agencies and tax collection. There are four types of accounting:
Accountancy is very important as it collects vital information in a scientific and organised manner, analyses it and this is finally used to make decisions on what steps the business should take with regards to investments, money lending and more.
If one is interested in this field, it can be a wonderful and intriguing profession. It is highly respected and is a field known for its ethics. As an accountant, one becomes a trusted individual for the client. All advice from the accountant will make a huge difference in the client’s financial decisions.
Accountancy plays a crucial role in terms of business and the commercial world. To be precise, a firm or organisation can't function without accountancy since it's one of its core elements. Accountancy refers to a practice of measuring, recording, classifying, and maintaining financial records to better help firms and organisations keep a tab on their financial position. NCERT solution of Class 11 Accountancy makes it convenient to understand and implement concepts and terms inclusive in financial accounts. Accountancy helps the management of an organisation with accurate financial statements, positions, and results which further aids them in making important business decisions. You can also refer to our Class 11 Accountancy notes by downloading the NCERT Accountancy book Class 11 solutions pdf given below on this page.
NCERT Solutions for Class 11 Accountancy explains how accounting has been an ancient practice adopted since 1494. Firms and organisations still religiously follow these practices as it gives them a transparent and true view of their finances. Giving a true and fair view also allows them to manage their funds better by tracking expenditures, income and preventing misuse of resources, thereby protecting the firm from incurring any losses.
NCERT Textbook for Class 11 Accountancy Solutions Includes 15 chapters. Here is an Overview of All the Chapters:
Chapter 1: Introduction to Accountancy – This chapter in 11 std Accountancy guide covers the basics of identification and measurement of information, organisation, relevance, understandability and calculations of profit and loss.
Chapter 2: Theory Base of Accounting – There are many important topics in this chapter, including money measurement, accounting, cost, dual aspect, recognition of revenue, matching and full disclosure concept.
Chapter 3: Recording of Transactions -1 – This chapter in 11th Accountancy guide covers debits and credits, journals ledgers and its classifications.
Chapter 4: Recording of Transactions -2 – This chapter is all about cash books and the different types.
Chapter 5: Bank Reconciliation Statement – The chapter talks about the need for reconciliation and the different situations that could occur.
Chapter 6: Trial Balance and Rectification of Errors – The chapter talks about the meaning of trial balance, its objectives, location of errors, trial balances, totals method, balances method and the classification of errors.
Chapter 7: Depreciation, provisions and reserves
Chapter 8: Bills of Exchange – This chapter in 11 std Accountancy guidecovers the meaning of bills of exchange, parties to the bill of exchange, parties to a promissory note, maturity, discounting, and endorsement of a bill, and treatment of accounting.
Chapter 9: Financial Statements -1- This chapter in 11th Accountancy guide talks about stakeholders, capital and revenue, expenditure, trading and profit-loss accounts, and closing entries.
Chapter 10: Financial Statements – 2 – In this chapter, we learn about closing stocks, prepaid expenses, accrued income, depreciation, bad debts, discount for debtors and interest on capital.
Chapter 11: Accounts of Incomplete Records – In this chapter, we learn about the meaning and features of incomplete records, preparation of a statement of affairs, credit purchases and credit sales.
Chapter 12: Applications of Computers in Accounting – This chapter is very important and vital. It includes an understanding of the software and hardware, connectivity, speed and accuracy, reliability and limitations of the computer system.
Chapter 13: Computerised Accounting System – This goes in-depth about the concept of computerisation and the advantages and limitations of the accounting system. It also talks about custom and tailored packages, flexibility, costs and utilities.
Chapter 14: Structuring Database for Accounting – In this chapter, one can learn about the data processing cycle, designing, weak entity types and even illustrations on accounting databases.
Chapter 15: Accounting System Using Database Management System – Some of the concepts covered in this chapter includes how to create tables, basics of access, modification of designs, vouchers, toolbox, properties of controls and some of the common controls available in MS Access.
Marks Weightage of CBSE Class 11 Accountancy Syllabus Term 1
Part - A
Unit 1: Theoretical Framework - 12 Marks
Introduction to Accounting
Theory Base of Accounting
Unit 2: Accounting Process - 28 Marks
Recording of Business Transactions
Bank Reconciliation Statement
Depreciation, Provisions and Reserves
Total theory - 40 Marks
Project work - 10 Marks
Marks Weightage of CBSE Class 11 Accountancy Syllabus Term 2
Part - A
Unit 2: Accounting Process - 12 Marks
Accounting For Bills Of Exchange
Trial Balance And Rectification of Errors
Part - B
Unit 3 - 20 Marks
Financial Statements of Sole Proprietorship From Complete and Incomplete Records
Unit 4 - 8 Marks
Computers in Accounting
Total theory - 40 Marks
Project Work - 10 Marks
How to Avail the Best of NCERT Solutions of Accountancy Class 11 with the Help of Vedantu?
Vedantu provides lucid and easy notes put together by our expert panel of teachers covering important questions and concepts with remarkably understandable explanations. They also provide NCERT Class 11 Accountancy past solved question papers with doubt clearing sessions on a one-to-one basis. One can easily email them their queries and get them resolved. From providing personalised teaching sessions to ensuring every student excels in their exams, Vedantu aims to help students to the core.
NCERT Class 11 Accountancy syllabus consists of two parts. The First part covers Introduction, Theory Base of Accounting, Recording of Transactions- 1 & 2, Bank Reconciliation Statement, Trial Balance and Rectification of Errors, Depreciation, Provision, and Reserves, and Bills of Exchange.
While Part 2 of Accounts Class 11 NCERT covers seven chapters. The first part aims at acquainting the students with basic concepts of accounting, recording as well as identifying and rectifying errors. On the other hand, Part 2 adds up practical accounting knowledge by covering how financial statements are formed with a computerised and data-based approach.
It's understandable how a lot of students struggle with accounts, with it being a combination of practical and theoretical knowledge. However, if one absorbs the basic principles that accounts revolve around, NCERT Class 11 Accountancy might turn out to be your favourite subject.
Golden Rules of Accounts - Class 11 NCERT
Real, Personal, and Nominal are the three types of accounts.
A Real account debits what comes into the business and credits what goes out from the business.
A Personal account debits the receiver and credits the giver.
A Nominal account debits all the expenses and losses and credits all the income and gains.
Our Class 11 Accounts solutions NCERT implemented and abides by the golden rules of accounting.
We've learned how accounting plays a vital role in every individual's life, especially for firms. Similarly, applying the principles listed above effectively will ensure our answers and solutions are free from errors. Vedantu's NCERT solutions of Accountancy Class 11 pdf available on this page ensure to provide reliable and accurate notes to help students score the best and clear their examinations with flying colours. You can easily access our notes by downloading the Vedantu app or visit our website for NCERT Accountancy Book Class 11 solutions PDFs.
Did You Know?
Bubblegum was invented by an accountant!
An American accountant named Walter E. Diemer invented bubble gum in 1928. Born in Philadelphia, Pennsylvania, on 8th January 1904, He worked as an accountant at Fleer Chewing Gum Co. when he experimented with chewing gum base in an attempt to cut costs and ended up inventing his gum base.
Accounts Class 11 NCERT - Solved Example
Q. Who are the External Users of Accounting Information?
Ans. Accounting information is primarily used by the firm and its management; however, there are certain primary external users as well. The stakeholders and other outsiders whose interests are impacted by any changes in the firm's financial position are its external users. Shareholders who have participated in the shareholding of the company use the company's financial statements to make their shareholding decisions.
Customers refer to the company's financial status to gain a fair idea of the company's goodwill and status in the market. Suppliers dealing with the company look up their financial details before making deals with them for a secure and transparent relation; banks and Financial Institutions run a background check on the companies financial statements for credibility purposes.
Our Class 11 Accounts NCERT solutions offer FAQs for a better understanding and an enhanced learning experience covering important questions.
FAQs (Frequently Asked Questions)
1. Distinguish Between Accounting and Accountancy.
This is one of the most fundamental questions that must be answered so that students aiming to gain knowledge about the subject can understand the difference between the two disciplines. Following are 2 critical points as per NCERT accountancy book class 11 solutions pdf that help to differentiate between the two ideas.
1) Accounting refers to a process of recording, maintaining, and analyzing financial transactions.
2) Accounting is a part of Accountancy.
1) Accountancy refers to the services carried on by an accountant which includes interpreting, analyzing, and communicating financial details.
2) Accountancy is a wider concept and includes accounting.
2. How is the Total Amount of Working Capital and Liabilities Calculated?
Working capital is the amount allocated to successfully initiate and complete the operations of a listed business organization. Working Capital of a company refers to the cash and short-term cash equivalents which is used for its everyday expenditure. Liabilities refer to the sum of loans, accounts payable, short, and long-term liabilities taken by the company. In order to efficiently manage the day-to-day operations of a company it is essential that the financial management team strategically allocated the budget and working capital of the firm. The Working capital and liabilities concerned can be identified by applying the below mentioned formulas.
Working Capital = Assets - Liabilities
Liabilities = Assets - Capital
3. What are the chapters in Class 11 Accountancy?
There are 15 chapters in the accountancy textbook for Class 11 prescribed by the NCERT. The textbook aims at giving an introduction to all the topics that would be helpful for the students in the future and give them enough practice and extra questions as well. The textbook has enough examples explaining each concept as well. To score good marks, students can also refer to the solutions PDF for CLass 11 Accountancy by Vedantu.
4. What do the two parts of the accountancy textbook cover?
The accountancy textbook for class 11 is divided into two parts so that the syllabus is consolidated better. Being an introduction to a lot of topics the syllabus may seem extensive. The first part of the textbook covers basic introduction topics like bank reconciliation statements, theory, depreciation, bills of exchange etc. The second part covers topics discussing practical knowledge about how financial statements are formed.
5. What is Depreciation?
Depreciation occurs when the value of an asset decreases over time. The asset can be fixed assets or goods. These assets include machinery, cars, property etc. This needs to be calculated as it can affect the overall balance sheet of the company or firm at the end of the year. The depreciation occurs due to the wear and tear that may have occurred to the asset over time. It tells us the true financial value of the firm.
6. How can I prepare from the solutions PDF for the final exam for Class 11 Accountancy?
The PDF provides an in-depth explanation of all the topics that are covered in the textbook in an easier language so that students of all calibre can understand. It provides solutions to all the questions in both parts one and two of accountancy. The students can refer to these if they need to understand any question. The PDF also has enough questions for the students to practice and revise from.
7. Is Class 11 Accountancy difficult?
Class 11 accountancy provides an introduction to topics that would form a strong base for Class 12 accountancy and further studies for students. Accountancy is similar to math and requires regularity and practice. The students must revise what they learn in school every day. It is not a difficult subject but requires focus from the students. It is easy to solve if you understand the concept well. Prepare a timetable to practice every day.