journal assignment for class 11

Journal Entries Question for class 11 with solution- chapter 8

T.s grewal solution for class-11 chapter-8 journal.

journal entry class 11 Journal entries in accounting serve as the primary method for recording financial transactions. These entries are made in a chronological order and include details about the accounts affected, the monetary values, and the date of the transaction. They adhere to the double-entry accounting system, ensuring that debits equal credits to maintain the fundamental accounting equation: Assets = Liabilities + Equity. Journal entries play a critical role in financial record-keeping, tracking business activities, and preparing financial statements

what is a journal?

journal is a primary book of account in which transactions are first recorded in a chronological order.

what is a journalising?

journalising is a process of recording a transaction in a journal.

terms or expressions used for journal.

• book of original entry:  journal is called a book of original entry  (also called book of prime entry)  because a transaction is first recorded or written in this book and thereafter transferred, i.e posted into the ledger account 
• journal entry : an process in the journal is called a journal entry 
• journalising;  the process of recording a transaction in a journal is known as journalising. 
• posting:  the process of recording a transaction in a journal is called posting 

characteristics or features of a journal. 

• day, to day transaction are recorded in a journal in a chronological order, i.e in the order or sequence they are entered
• it is a book of original entry in which transactions are written before they are posted in the ledger accounts. 
• it records both aspects of a transaction, i.e debit and credit using double entry system of book keeping. 
• journal is a records which shows complete details of a transaction in one entry, 
• journalising is a process of recording a transaction in the journal and the form in which it is recorded is knows as a journal entry. 

advantages of a journal. 

• provides accounting data in chronological order;  transaction in the journal are recorded as they take place. thus, it makes available the accounting record in chronological order as well as datewise, 
• possibility of error reduces:  possibility of errors is reduced as the amounts to be debited and credited are written side by side and the two can be compared to verify that are equal.
• explanations of the transaction;  along with the entry in the journal narration is written explaining the entry for understanding the entry later. 
• ledger posting of transaction;  journal is the base for posting of transaction into ledger accounts, 

limitations of journal.

• unsuitable for large volume of transaction;  recording all transactions in the journal is suitable only when the volume of transactions is less. in the cases where volume of transaction is large, this limitation can be overcome by sub dividing .the journal into special journals such as cash book. 
• not a simple system of recording;  recording transaction in a journal involves identification of accounts to be debited and credited and applying rules, of debit and credit, the process requires analytical and technical knowledge for correct accounting 
• cash balance is not revealed:  recording of all transaction in journal means cash balance can be knows after posting of cash transaction in cash account , which is a lengthy process. however , this limitation can be overcomes, by maintaining special, journal for cash transaction, i.e cash book, 
• not a substitute of ledger;  information relating to a particular. person or heads is known after posting of transaction in the ledger, accounts, journal is , thus, not a substitute of ledger, 

journal entry class 11 format of a journal

 journal is divided into five columns. these are; date particulars, ledger folio, debit amount credit amount, the format of a journal is as follows, 

(L.F , stands for ledger folio)

• date:  in this column, the transaction date is written, 
• particulars :   due to dual aspact concept, each transaction has two aspects and both the aspect of transaction are recorded , i.e the name of the two accounts affected by the transaction, the name of the account to be debited is written first followed by the word, Dr written close to the right-hand marign line , while the mane of the account to be credited preceeded is written in the next line by the word, to a little to the right, 
• narration:  A brief description of the transaction is also written after the entry, 
• ledger folio,:  in this column the number of ledger page is written to which the debit and credit aspect of the transaction is posted , for  example ,  the proprietor invests further capital of a/m 50,000 and capital account is maintained at ledger 

journal entry class 11 steps in journalising

• step :  ascertain the accounts that are affected by a transaction
• step :  ascertain the nature of the accounts affected .  
• step:   ascertain the account to be debited and credited by applying the rule of debit and credit  

Rules of debit and credit

journal entry class 11

what should be kept in mind while making general entry ?

• Date: Always record the date of the transaction. Accurate dating is essential for tracking financial transactions and for audit and tax purposes.
• Description: Provide a clear and concise description of the transaction. This description should explain the nature of the transaction, what accounts are involved, and any relevant details.
• Debit and Credit: Every journal entry should include at least one debit and one credit. Debits and credits must be equal, maintaining the accounting equation (Assets = Liabilities + Equity).
• Accounts: Specify the accounts that are being debited and credited. For example, if you’re recording a sale, debit Accounts Receivable and credit Sales.
• Amounts: Include the specific monetary amounts for both the debit and credit sides of the entry.
• Reference: If there is a reference number or document related to the transaction (like an invoice or receipt), note it in the journal entry for future reference.
• Consistency: Be consistent with the accounting system you’re using. This means following the same rules and procedures for debits and credits.
• Accuracy: Double-check your entries for accuracy. Mistakes in journal entries can lead to significant errors in financial statements.

journal entry class 11 Question and Answer

Question: 1 you are required to give  (a) journal entries,   (b) nature of account (whether assets, liability, capital, expenses or revenue),  direction of change (increase or decrease ), and (d) appropriate rule for recording the change for the following transaction ,

• nitin invested rup;50,000 cash and rup; 500,000 by cheque to start a business.
• he deposited goods for rup: 5,000 out of cash in the bank 
• purchases goods for rup: 5,000 against cash
• purchased a building and paid rup:2,50,000 by cheque 
• purchased goods from m/s. hari &.co for rup; 100,000
• sold goods for cash rup: 50,000
• sold goods on credit to m/s . ramesh & co. rup; 25,000
• m/s ramehs & co. returned goods of rup;5000 being defective,
• goods returned by m/s ramesh & co. returned to m/s hari & co. at cost price i.e rup 4000
• paid salary to staff by cheque rup; 15,000
• paid rent for the residence of nitin rup: 10,000 by cheque 
• paid electricity charges for the month rup;1,000 in cash 
• paid telephone charges rup: 500 in cash 
• bought office furniture for rup; 25,000 against cheque 
• paid m/s hari & co, on account rup: 50,000 by cheque 
• received from m/s ramesh & co. rup: by cheque
• placed order for goods with m/s abhi & sons of rup: 200,000: paid them rup; 20,000 by cheque as advance, balance to be paid on delivery of goods, 
• received order for goods from m/s , ajay & co. of rup; 300,000 along with a cheque for rup: 30,000 as advance , balance to be received against delivery of goods. 
• paid rup: 1,000 for stationery. 
• nitin withdrew rup: 10,000 for household expenses out of cash 

Question:2 transaction of ramesh for april are given below: journalise them

journal entry class 11 simple and compound journal entries

• simple journal entry:  simple journal entry is an entry in which only two accounts are affected, i.e one account is debited and another is credited with an equal amount ,
• compound journal entry:  compound journal entry is an entry is which two or more accounts are debited and one or more accounts are credited or vice versa. for example, salary of a,/m 15,000 and telephone expanses of a/m 5000 were paid in cash 

Question 3 : ( compound journal entries 🙂 record the following transaction in journal

Question:4 Business Starts with Capital Investmen (Describe the accounting process when a business owner invests INR 50,000 of their own money into the business as capital. Provide a journal entry with debits and credits.)

Question:5 Purchasing Goods on Credit and Payment (Explain the accounting entries involved in purchasing goods worth INR 10,000 on credit and subsequently making a cash payment of INR 10,000 to the supplier.)

Note: where we have written account, you can also write particulars, both have the same meaning.

Question: 6 Recording Employee Salaries and Deductions (Describe the journal entries for paying employee salaries of INR 20,000, including INR 2,000 in tax deductions. Provide separate entries for salary payment and tax deduction.)

Question:7 Selling Goods on Credit and Receiving Payments

Question:8 Depreciation of Equipment ( Discuss the concept of depreciation and provide a journal entry for recording the depreciation expense of equipment worth INR 4,000.)

Journal entries in accounting are essential records of financial transactions. They help maintain an accurate and systematic account of a company’s financial activities. Each entry involves at least two accounts, with one debited and the other credited. Journal entries play a crucial role in preparing financial statements and ensuring compliance with accounting principles. They provide a comprehensive view of a company’s financial health, making them a fundamental tool for both bookkeeping and financial analysis.

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CBSE Worksheets for Class 11 Accountancy

CBSE Worksheets for Class 11 Accountancy: One of the best teaching strategies employed in most classrooms today is Worksheets. CBSE Class 11 Accountancy Worksheet for students has been used by teachers & students to develop logical, lingual, analytical, and problem-solving capabilities. So in order to help you with that, we at WorksheetsBuddy have come up with Kendriya Vidyalaya Class 11 Accountancy Worksheets for the students of Class 11. All our CBSE NCERT Class 11 Accountancy practice worksheets are designed for helping students to understand various topics, practice skills and improve their subject knowledge which in turn helps students to improve their academic performance. These chapter wise test papers for Class 11 Accountancy will be useful to test your conceptual understanding.

Board: Central Board of Secondary Education(www.cbse.nic.in) Subject: Class 11 Accountancy Number of Worksheets: 31

CBSE Class 11 Accountancy Worksheets PDF

All the CBSE Worksheets for Class 11 Accountancy provided in this page are provided for free which can be downloaded by students, teachers as well as by parents. We have covered all the Class 11 Accountancy important questions and answers in the worksheets which are included in CBSE NCERT Syllabus. Just click on the following link and download the CBSE Class 11 Accountancy Worksheet. CBSE Worksheets for Class 11 Accountancy can also use like assignments for Class 11 Accountancy students.

• CBSE Worksheets for Class 11 Accountancy Accounting Equation Assignment
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• CBSE Worksheets for Class 11 Accountancy Introduction to Accounting Assignment 1
• CBSE Worksheets for Class 11 Accountancy Introduction to Accounting Assignment 2
• CBSE Worksheets for Class 11 Accountancy Introduction to Accounting Assignment 3
• CBSE Worksheets for Class 11 Accountancy Journal and Ledger Assignment
• CBSE Worksheets for Class 11 Accountancy Question Bank Assignment
• CBSE Worksheets for Class 11 Accountancy Theory base of Accounting Assignment
• CBSE Worksheets for Class 11 Accountancy Theory Base of Accounting Enrichment Assignment
• CBSE Worksheets for Class 11 Accountancy Assignment 1
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Question 1.A.1:

Answer in once sentence only. What is a Journal?

A Journal is the book of original entry or prime entry in which transactions are recorded in the books of accounts from the source documents. The transactions are recorded in a chronological order, i.e. as and when they take place. The transactions are recorded following the double-entry system of accounting.

Page No 91:

Question 1.a2:.

Answer in once sentence only. State the meaning of Narration.

A brief explanation of the transaction, together with necessary details, is provided with the Journal entry. This explanation is called a narration. It provides the details of the Journal entry and helps understand the account debited or credited.

Question 1.A3:

Answer in once sentence only. What do you mean by Journalising?

The process of recording transactions in the book of original entry is known as Journalising. The transactions are recorded in the form of a Journal entry. Recording is made following the double-entry system of accounting. Thus, it records the two-fold effect of every transaction. In the process of Journalising, the transaction is first analysed in order to decide the account to be debited and credited by ascertaining the rule of debit and credit. After this, entries are recorded in the books of accounts.

Question 1.A4:

Answer in once sentence only. Which column in a journal is not filled in at the time of journalising?

The ledger folio (L.F.) is the column that is not filled at the time of Journalising. This column indicates the page number of the Ledger book on which the relevant account appears. All the entries from Journal are posted to the Ledger Accounts. Therefore, the ledger folio is recorded after the entries are posted to the Ledger Accounts and not at the time of Journalising.

Question 1.A5:

Answer in once sentence only. State the meaning of Simple Entry.

When only two accounts are affected while recording a transaction in the book of original entry, i.e. one account is debited and one account is credited, it is known as a Simple Journal Entry. For example, if Rs 500 were paid to Hari, the entry will be:  

Question 1.A6:

Answer in once sentence only. Which account is credited, when salary is paid by cheque?

When salary is paid by cheque, the Bank A/c is credited because payment is made through a cheque. According to the modern classification of accounts, an increase in any asset should be debited, whereas a decrease in any asset should be credited. The Bank A/c is an asset of a business and, thus, it is credited.

Question 1.A7:

Answer in once sentence only. Why is journal called the Book of Prime Entry?

A Journal is called the book of prime entry because all the transactions of a business are first recorded in a Journal, i.e. book of original entry. The transactions are recorded in chronological order and on the basis of the source documents. After recording, these transactions are posted to the ledger accounts, i.e. secondary books. Hence, a Journal is called the book of prime entry.

Question 1.A8:

Answer in once sentence only. In which order the transactions are recorded in a journal?

A Journal records the transactions in a chronological order, i.e. as and when they occur. Transactions of a business are recorded in the book of original entry on the basis of their occurrence from the source document.

Question 1.A9:

Answer in once sentence only. Which discount is not recorded in the books of account?

A trade discount is not recorded in the books of accounts. This discount is allowed at the time of sale or purchase of goods at an affixed percentage on the printed list price of the goods. The purchases and sale transactions are recorded in the books at net value (i.e. List Price minus Trade Discount). Thus, the books of accounts do not reflect the amount of trade discount so allowed or received.

Question 1.A10:

Answer in once sentence only. Which account is debited, when goods are destroyed by fire?

When goods are destroyed by fire, then ‘Loss by Fire A/c’ is debited and ‘Purchases A/c’ is credited. The goods destroyed by fire are considered to be a loss for a business entity and is classified as a nominal account. Therefore, according to the rule of nominal account, all the expenses and losses are to be debited. Hence, ‘Loss by Fire A/c’ is debited when goods are destroyed by fire.

Question 1.B:

Give one word / term or phrase for each of the following statements. (1) A book of original entry. (2) The process of recording transactions in the journal. (3) Brief explanation of an entry. (4) The French word from which the word journal is derived. (5) Entry in which more than one account are to be debited or credited. (6) Anything taken by proprietor from business for his personal use. (7) Amount of money payable to broker while buying and selling the shares and securities. (8) Entry in which one account is debited and another account is credited (9) The column in journal, which is not filled at the time of Journalising. (10) An account that is debited when rent is paid to landlord.

Question 1.C1:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. The ______ column of the journal is not entered at the time of Journalising. a) Date b) Particulars c) Ledger Folio d) Amount

The Ledger Folio column of the journal is not entered at the time of Journalising. Explanation: The Ledger Folio column shows the page number or folio number on which the relevant account appears. A Journal is the book of original entry from where the entries are posted to their respective ledger accounts. Thus, the Ledger Folio column is entered after the entries are posted to the ledger accounts and not at the time of Journalising.

Question 1.C2:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. Recording of transaction in the journal is called _____ . a) Posting b) Casting c) Tallying d) Journalising

Recording of transaction in the journal is called Journalising . Explanation: The process of recording transactions in the book of original entry, i.e. a Journal, is known as Journalising. The process of posting entries from the Journal to the Ledger is known as posting. All the entries from the Journal are posted in their respective Ledger Accounts. The totaling of Sales and Purchases Books is known as casting. Tallying means matching the debit and credit totals of the columns.

Question 1.C3:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. Goods or Amount taken by proprietor for his personal use should be debited to ______. a) Sales A/c b) Drawing A/c c) Purchases A/c d) Cash A/c

Goods or Amount taken by proprietor for his personal use should be debited to Drawings A/c. Explanation: Drawings represent the amount withdrawn by the proprietor from his/her business. It can be either in cash or kind (goods withdrawn for personal use). Such withdrawals reduce the amount of capital and are debited to a separate account known as Drawings Account. Rationale behind why drawings are not debited to Purchases A/c, Sales A/c or Cash A/c? Purchases A/c is debited when some goods are purchased for resale. Sales A/c is credited when goods are sold for cash or on credit. Finally, Cash A/c is debited when cash sales are made. Hence, Drawings A/c is debited when the proprietor withdraws goods or cash from the business for his/her personal use.

Question 1.C4:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. Cash purchases of goods should be credited to ______. a) Purchase A/c b) Sales A/c c) Cash A/c d) Goods A/c

Cash purchases of goods should be credited to Cash A/c. Explanation: A cash account is classified as a real account. The rule for recording transactions of a real account is to debit what comes in and to credit what goes out. Cash purchases of goods will lead to an outflow of cash, i.e. cash is going out. Hence, the cash account is credited and the purchases account is debited. The sales account is credited only when goods are sold.

Question 1.C5:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. Wages paid for installation of machinery should be debited to ______. a) Wages A/c b) Machinery A/c c) Cash A/c d) Installation A/c

Wages paid for installation of machinery should be debited to Machinery A/c. Explanation: Any expenditure incurred on the carriage and installation of machinery such as freight, transit expenses, installation expenses, wages etc should be treated as capital expenditure and should be debited to the Machinery A/c. This expenditure is non-recurring in nature and, thus, added to the value of the machinery. Thus, it should be debited to the Machinery A/c and not to the Wages A/c.

Question 1.C6:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. The rent paid to the land lord should be debited to ______. a) Drawing A/c b) Cash A/c c) Landlord A/c d) Rent A/c

The rent paid to the land lord should be debited to Rent A/c. Explanation: The rent paid to the landlord is an expense. Thus, in adherence to the rule of nominal accounts, all such expenses and losses are to be debited; therefore, in this case, Rent A/c will be debited.

Question 1.C7:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. The amount brought in by the proprietor in the business should be credited to a) Salary A/c b) Mandar’s A/c c) Cash A/c d) Capital A/c

The amount brought in by the proprietor in the business should be credited to Capital A/c. Explanation: Any amount/value of goods withdrawn from a business is known as drawings and is deducted from the capital account of the proprietor. Likewise, any additional amount brought in by the proprietor is treated as capital and will be added to the existing capital of the business.

Question 1.C8:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. A payment of Rs. 100 to Kokate Carriage Co. for bringing a machine to the business place should be debited to ______. a) Machine A/c b) Cash A/c c) Kokate carnage Co. A/c d) Carriage A/c

A payment of Rs. 100 to Kokate Carriage Co. for bringing a machine to the business place should be debited to the Machine A/c. Explanation: The expenses incurred to bring in assets in a workable condition before they are  put to use are capitalised and added to the asset account. Therefore, the expenses incurred for bringing a machine to a business place should be debited to the machine account. This expenditure is non-recurring in nature and any expenses incurred before the asset is put to use are debited to the asset account.

Question 1.C9:

Select the most appropriate alternative from the alternatives given below and rewrite the statement. A purchase of horse in cash should be debited to ______ a) Livestock A/c b) Goods A/c c) Cash A/c d) Bank A/c

A purchase of horse in cash should be debited to Livestock A/c. Explanation: Domestic animals used in a business to help in doing business more effectively are treated as assets of the business and included under the head of the Livestock A/c. Hence, the purchase of a horse will be debited to the Livestock A/c. It is not the goods of the business, as it is not purchased for resale in business.

Page No 92:

Question 1.d:.

State whether the following statements are true or false: (1) A journal voucher is must for all transactions recorded in the journal. (2) Journal is a book of secondary entry. (3) Narration is not necessary for each and every journal entry. (4) Every transaction is recorded first in the journal. (5) Live Stock A/c is a Nominal A/c. (6) Bank of Maharashtra A/c is a Nominal A/c. (7) Brokerage paid on sale of goods is debited to brokerage A/c. (8) If the goods are sold the entry should be recorded in the journal. (9) Goods withdrawn by the proprietor from business is debited to the Drawing A/c. (10) Cash discount does not appear in the books of accounts. (11) If rent is paid to the landlord, landlord’s A/c should be debited. (12) Book keeping records monetary transactions only. (13) Drawings made by the proprietor increases his capital. (14) Premium paid on the life policy of the proprietor should be debited to insurance premium account.

Question 1:

Journalise the following transactions in the books of Mr. Akshay.  

Question 2:

Journalise the following transactions in the books of Miss. Nivedita.

Question 3:

Journalise the following transactions in the books of Mantri.

*Goods returned to Amit of value Rs 750 will be recorded at a discount of 2% which was allowed as trade discount i.e. at Rs735 [750- 15(2% of 750)].

Page No 93:

Question 4:.

Journalise the following transactions in the books of Mr. Bipin.  

*As per the book this entry is incorrect, Rs 9,300 cannot be paid to be Manish because he is the creditor of the business with Rs 9,000. Therefore, as per our concern Rs 8,700 should be paid to Manish in full settlement of his account. Hence, the entry has been passed according to it.

Question 5:

Journalise the following transactions.

*Goods returned to Sohan of value Rs 200 will be recorded at a discount of 2% which was allowed as trade discount i.e. at Rs 190 [200-10(5% of 200)]

Question 6:

Journalise the following transactions in the books of Mr. Arun.

Page No 94:

Question 7:.

Journalise the following transactions in the books of Mr. Sancheti.

Question 8:

Enter the following transactions in the books of Mr. Smart.

*Mere placing an order for supplying of goods is not a transaction, hence, no entry has been passed.

Question 9:

Journalise the following transactions in the books of Nana.

Debit balances on 1st April 2012:-

Cash in hand Rs 5,000; Cash at Bank Rs 95,000' Land & Building Rs 2,10,000; Furniture Rs 15,000; Debtors Rs 10,000.

Credit Balances on April 1, 2012:- Creditors Rs 10,000; Bank Loan Rs 28,000.

Transactions during the month of April 2012:-

Page No 95:

Question 10:.

Record the following transactions in the books Chitmani & Company for the month April, 2010.

Balance on 1st April 2010 .

Cash in hand Rs 21,000; Cash at bank Rs 3,00,000. Furniture Rs 1,00,000; Laptop & Printer Rs 90,000; Debtors Chetan- Rs 7,000, Dilip- Rs 9,000, Stock Rs 25,000, Creditors Gauri- Rs 6,000, Hema- Rs 8,000, Bank Loan Rs 30,000.

Transactions during the month of April were as follows:-

Question 11:

Journalise the following transaction in the books of Sethi and Brothers for the month of April, 2012.

Balance on 1st April 2012

Cash at Bank Rs 2,00,000, Cash in hand Rs 2,500; Computer & Printer Rs 90,000 Land & Building Rs 1,80,000; Sundry Debtors Rs 15,000; Bills Receivable Rs 10,000; Sundry Creditors Rs 14,000; Bills Payable Rs 5,000.

View NCERT Solutions for all chapters of Class 13

Journal Entry - Class 11, Accountancy PDF Download

How I should know about to write Journal entries? Ref: https://edurev.in/question/627897/How-I-should-know-about-to-write-Journal-entries-

A journal entry is a method used to enter an accounting transaction into the accounting records of a business. Every journal entry must generate at least two equal and offsetting entries. This is because every transaction involves a change in at least two places in the accounting records, and the total of all debits and credits must balance. For example:

• When you record a supplier invoice, it increases both an expense account and the accounts payable (liability) account
• When you record a customer invoice, it increases both revenue and the accounts receivable (asset) account
• When you buy a fixed asset, it increases the fixed assets account and decreases the cash account
• When you pay employees, it increases the wage expense and reduces the cash account

The format of a journal entry is for the first column to contain the account name / number into which the entry is being made, the second column to contain the debit amount being entered, and the third column to contain the credit amount being entered. The account name / number of the account being credited is indented. It is also useful to include a unique journal entry identification number and the date of the entry, as well as a brief narrative description. If there are a large number of journal entries, you may also want to include an approval signature block, as well as a signature and date block for the person who enters the journal entry into the accounting software. The format of a basic journal entry is:

The basic structural rules of a journal entry are that there must be a minimum of two line items in the journal entry, and that the total amount entered in the debit column equals the total amount entered in the credit column.

There are several best practices related to writing journal entries, which are:

• Always provide a complete narrative of why you have created the journal entry. Otherwise, someone reviewing the books at a later date will have no idea why the entry was created.
• Do not include too many line items. Whenever possible, see if you can reduce a complex journal entry into several simpler ones, thereby making it easier to understand.
• Use a journal entry template for recurring transactions, so that you avoid the risk of creating an incorrect entry.
• Use an automatically reversing journal entry for accruals whose impact is intended to be for a single accounting period. By doing so, you do not have to worry about manually reversing the entry in the next accounting period.
• Use a transaction module instead of a manual journal entry. If you can record a transaction with a standardized accounting module, such as the billing system or the accounts payable system, this is always better than doing so with a journal entry. A standardized module is pre-configured to collect and store a particular set of information, which you might otherwise be able to ignore with a manual journal entry.

FAQs on Journal Entry - Class 11, Accountancy

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Class 11 Accountancy Assignments

We have provided below free printable Class 11 Accountancy Assignments for Download in PDF. The Assignments have been designed based on the latest NCERT Book for Class 11 Accountancy . These Assignments for Grade 11 Accountancy cover all important topics which can come in your standard 11 tests and examinations. Free printable Assignments for CBSE Class 11 Accountancy , school and class assignments, and practice test papers have been designed by our highly experienced class 11 faculty. You can free download CBSE NCERT printable Assignments for Accountancy Class 11 with solutions and answers. All Assignments and test sheets have been prepared by expert teachers as per the latest Syllabus in Accountancy Class 11. Students can click on the links below and download all Pdf Assignments for Accountancy class 11 for free. All latest Kendriya Vidyalaya Class 11 Accountancy Assignments with Answers and test papers are given below.

Accountancy Class 11 Assignments Pdf Download

We have provided below the biggest collection of free CBSE NCERT KVS Assignments for Class 11 Accountancy . Students and teachers can download and save all free Accountancy assignments in Pdf for grade 11th. Our expert faculty have covered Class 11 important questions and answers for Accountancy as per the latest syllabus for the current academic year. All test papers and question banks for Class 11 Accountancy and CBSE Assignments for Accountancy Class 11 will be really helpful for standard 11th students to prepare for the class tests and school examinations. Class 11th students can easily free download in Pdf all printable practice worksheets given below.

Topicwise Assignments for Class 11 Accountancy Download in Pdf

Advantages of Class 11 Accountancy Assignments

• As we have the best and largest collection of Accountancy assignments for Grade 11, you will be able to easily get full list of solved important questions which can come in your examinations.
• Students will be able to go through all important and critical topics given in your CBSE Accountancy textbooks for Class 11 .
• All Accountancy assignments for Class 11 have been designed with answers. Students should solve them yourself and then compare with the solutions provided by us.
• Class 11 Students studying in per CBSE, NCERT and KVS schools will be able to free download all Accountancy chapter wise worksheets and assignments for free in Pdf
• Class 11 Accountancy question bank will help to improve subject understanding which will help to get better rank in exams

Frequently Asked Questions by Class 11 Accountancy students

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We provide here Standard 11 Accountancy chapter-wise assignments which can be easily downloaded in Pdf format for free.

You can click on the links above and get assignments for Accountancy in Grade 11, all topic-wise question banks with solutions have been provided here. You can click on the links to download in Pdf.

We have provided here topic-wise Accountancy Grade 11 question banks, revision notes and questions for all difficult topics, and other study material.

We have provided the best collection of question bank and practice tests for Class 11 for all subjects. You can download them all and use them offline without the internet.

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• Accountancy Revision Notes for Class 11
• Revision Notes

Revision Notes for CBSE Class 11 Accountancy - Free PDF Download

Class 11 Accountancy is a crucial subject that teaches various concepts and principles to the students. Studying this subject needs the support of complete study material. For this, students will need the notes to revise all the chapters and recall what they have studied. Download and refer to the 11th Accountancy Notes compiled by the experts for revision. Understand the concepts faster and recall them to score good marks in the exams.

If you are a Class 11 CBSE board student and looking to score well in Accountancy, then you should always refer to Basic Accounting Terms Class 11 Notes PDF available on Vedantu for free. These study materials are designed in such a way that studying these ensure the highest possible marks in the exam. These revision notes are designed as per the latest CBSE guidelines and are quite important to every student of Class 11 . These notes should be followed diligently as these build the fundamentals of Accountancy for every student at this stage. You can download the Accountancy Class 11 Notes chapter wise from Vedantu website or app through your smart device.

Detailed Overview of Class 11 Accountancy Revision Notes

Download cbse class 11 accountancy revision notes 2023-24 pdf.

Also, check CBSE Class 11 Accountancy revision notes for All chapters:

Introduction to Class 11 Accountancy:

Accountancy is a very important subject for every student of Class 11 as it deals with the basic accounting concepts. Studying this subject well helps you to strengthen your fundamentals of the subject. Through this subject, you will be able to grasp some of the very difficult concepts such as Analysis of Business Transaction, How to maintain the procedure of Bank Reconciliation Statement, Trial Balance & Rectification of Errors, Depreciation, Provision, & Reserves, how to maintain computerised accounting system.

Our well-designed CBSE Accounts Class 11 Notes PDF is structured and written by subject matter experts with many years of experience in the field of teaching. Besides, the study materials in the revision notes are precise and offer a comprehensive and easy understanding of the various topics.

CBSE Class 11 Acountacy Weightage 2023-24

What will you learn from the chapters of class 11 accountancy.

CBSE Class 11 Accountancy is comprised of a total of 15 chapters, i.e. Introduction to Accounting, Theory Base of Accounting, Recording of Transaction - I, Recording of Transaction - II, Bank Reconciliation Statement, Trial Balance and Rectification of Errors, Depreciation, Provision, and Reserves, Bill of Exchange, Financial Statements - I, Financial Statements – II, Accounts from Incomplete Records, Applications of Computers in Accounting, Computerised Accounting System, Structuring Database for Accounting, Accounting System Using Database Management System.

To every Class 11 Commerce student, Accountancy is a very significant subject as it helps you understand the need for the theory base of Accounting. It also helps you to know the Accounting Standards set by the Institute of Chartered Accountant of India (ICAI) and understand the basic Accounting concepts and their definitions. You will also learn to describe the basis and the underlying system of Accounting.

Advantages of Using Our CBSE Accountancy Class 11 Notes PDF:

Getting a stronghold of Class 11 Accountancy may not seem easy to a lot of students as students at this age tend to procrastinate a lot when it comes to studying and revising, But students need to be very disciplined if they want to score well in the final examination. And, you will have to put in hard work.

But to make it easy for you, we, at Vedantu, provide you with all the necessary materials to be an expert in Accountancy . If you are looking for a well-designed study materials and revision notes for Class 11 Accountancy , we have provided a chapter-wise revision notes for Class 11 Accountancy on our website that you can download at any time. And, the best part about these notes is these are created by the experts who have years of experience in the field of teaching. That’s why the language of the notes are quite concise and simplest so that the students don’t face any difficulties during the exam preparation.

Your fundamentals will be stronger than ever since it summarises all the important topics in one place.

You can review the entire textbook in literally no time.

Our notes are prepared by experienced teachers and subject matter experts.

You can score good marks since your fundamentals are strong.

This revision note covers all the key important points of the entire Accountancy book chapter-wise.

So, it saves a lot of precious time and effort.

The best part is you can download the revision notes for free and PDF format with the help of any smart device.

You can avoid procrastinating when it comes to revising the entire Accountancy textbook because you don’t need to go through the entire book but just the important points.

Importance of Studying Accountancy at Class 11:

Accountancy is the key step of keeping records of different financial events. Accountancy is such a subject that it is going to help you throughout your future even if you don’t become an accountant. Learning the subject very well will help you lay a very concrete foundation for other fields as well. If you are good in Accountancy, then you will be able to manage your finance-related matters efficiently. You just need to learn the basics of Accountancy thoroughly.

To learn the subject at primary level, you need to study Accountancy thoroughly at Class 11 and 12. At Class 11, you will get to learn the theory base of Accounting which will lay a strong base of the subject. You can access the revision notes for Accounts NCERT Class 11 on Vedantu from the aforementioned links.

Why Should You Choose Vedantu?

If you are looking for Class 11 revision notes for Accountancy , then you have come to the right place. Apart from well-crafted revision notes, we offer study materials, previous years’ questions papers , NCERT Solutions, sample papers at absolutely free of cost. Our subject matter experts understand that not all students learn and grasp concepts in the same manner. We aim to help students self-study, self-evaluation and learn at their own pace by providing them with online materials that they can refer to when needed.

Here are some reasons why you should always choose Vedantu over others:

We Focus on Every Kind of Students:

Our learning materials are designed in such a manner that all the students regardless of their learning capability can use these as per their requirement. All of our study materials are written in simple language so that everyone can understand these easily.

Learn Anywhere at Any Time:

Besides being easily understandable, our study materials can be accessed anytime, anywhere by anyone. All you need for this is just a smart device and the internet. With the help of these two, you can easily access our study materials anywhere at your own comfort.

Avoid Commute Time:

One of the best features of Vedantu is that it saves a lot of your commute time.  Earlier if you needed study notes from your tutor, you would travel to your tutor’s place to attend the classes. But with the help of Vedantu, you can access the study materials at the comfort of your home or wherever you are. It saves a lot of your precious time.

Get Access to our Excellent Subject Experts

Not only the study materials, but you will also be provided with the tuition classes by our experts. So, you are bound to get a better result when you get to interact with the best teachers in the industry while studying the best study materials.

Cover all the Key Points of the Chapter

Our CBSE Accounts Class 11 Notes PDF includes all of the key points of the Accounting book. In addition to that, our experts also make references from other relevant books so that it becomes easier for you to understand all the chapters easily. You can cover all of the key points of the theory base of Accounting by reading through our Accounts NCERT Class 11 PDF . You can directly look at the Accounts Class 11 Notes to focus on important points so that you are not wasting your precious time.

All Notes as Per NCERT Guidelines

The solutions provided by Vedantu strictly adhere to the NCERT guidelines . Accountancy Class 11 notes are simplified so that students find them easy to understand and can retain them easily without any difficulty. We have created notes in such a way that they will greatly benefit you during exam time. We have covered everything in detail; you won’t miss anything.

Vedantu, a leading online learning platform in India, aims to change the traditional method of teaching and learning across the country. We provide the best quality study materials to our students of all classes including NCERT Solutions , Revision Notes, Sample Papers , Previous Years Question Papers along with the solutions. If you are eager to learn, you can access all our quality study materials within a moment with the advance of technology.

Significance of CBSE Quick Revision Notes for Accountancy Class 11

There are a total of 15 chapters in the Class 11 Accountancy syllabus. All these chapters have been handpicked by the CBSE board for teaching the concepts of accountancy. These chapters need proper notes to revise and complete preparing the chapters accordingly.

The notes prepared by the subject experts will be the best bet to follow and focus on understanding the concepts, principles and formulas described in the chapters. These notes will help students to complete the revision part faster and will also guide them to recall the concepts more quickly.

The simpler format of these revision files will also help students to comprehend the accountancy concepts and principles explained in the syllabus. Hence, these notes can be used for studying before proceeding to solve the exercise questions.

The conceptual development of the students will be boosted when these notes are added to the study material. Without going through the vast syllabus, students can easily run through the Class 11 Accountancy Chapter 1 Notes and complete revising in no time.

Benefits of CBSE Accountancy Notes for Class 11

The notes have been formulated following the latest CBSE guidelines. It means the content of these notes will also guide students to keep them updated on the chapters. They can recall what they have studied faster before an exam without missing any important topic.

The notes have been formulated in separate files for all the chapters. Hence, students will easily find the chapter-wise notes on the list and download them.

Once downloaded, these notes can be referred to anytime you want. You can use them according to your exam schedules. In fact, the regular revision of Class 11 Accountancy chapters will become a lot easier when you have these notes in your hands.

Download CBSE Accountancy Notes for Class 11 PDF

Perform the Class 11 Accountancy Notes PDF Download for all the chapters and complete your study material. Save your precious study time and use these notes to revise. Focus on how the experts have simplified the concepts, fundamental principles and formulas related to the advanced topics of Class 11 Accountancy. Follow these simpler versions and recall what you have studied easily during an exam. This is how you can use these revision notes to score more in the exams. 

CBSE Class 11 Accountancy Study Materials

FAQs on Accountancy Revision Notes for Class 11

1. Are the CBSE Class 11 Accountancy Revision Notes a good study resource?

Yes. The CBSE Class 11 Accountancy Revision Notes make a very good study resource. All the essential key points from every chapter of the Class 11 Accountancy syllabus are covered in these revision notes . These notes are very helpful for a quick revision of the accountancy syllabus . The subject matter experts at Vedantu have prepared these revision notes in such a way that facilitates easy learning of the terminologies, theories, and problem-solving techniques for numerical type questions from Accountancy . You can rely on these notes if searching for the key points in the textbook seems to be a tedious job before the examination.

2. What are the important topics covered in the CBSE Class 11 Accountancy Revision Notes?

The important topics covered in the CBSE Class 11 Accountancy Revision Notes are listed below for your reference.

Theory Base of Accounting

Recording of Transactions- I

Recording of Transactions- II

Trial Balance and Rectification of Errors

Depreciation

Financial Statements- I

Financial Statements- II

Applications of Computers in Accounting

Structuring Database for Accounting

Accounting System Using Database Management System

All these topics are discussed with proper explanations and examples in these revision notes, to make it convenient for students to understand the concepts.

3. What is a trial balance in simple words?

A trial balance is apparently similar to a worksheet, which has two columns, one for accounting the debits and the other for accounting the credits. The net debit amount always has to be equal to the net credit amount. The debits and credits of a business account cover the assets, proceeds, liabilities, and expenses of the account.

The main purpose of maintaining a trial balance sheet is to ensure that there are no errors in accounting for the transactions of a business. It helps to identify if there are any errors in the double-entry accounting system of the business organization.

4. Are the CBSE Class 11 Accountancy Revision Notes difficult to learn?

No, the CBSE Class 11 Accountancy Revision Notes are not at all difficult to learn. Instead, these notes are prepared by our subject-matter experts to make the learning process easier for students. These revision notes are available in the PDF format on Vedantu and you can download the file for free from our website or mobile application. There are several solved examples of the numerical type problems of accounting in these revision notes. By following these stepwise solutions and explanations, you will be able to develop a strong understanding of all the concepts in the syllabus of Class 11 accounting .

5. What is the first chapter of accounts Class 11?

The first chapter in the class 11th accounts is called “Introduction to Accounting”. Here, a basic outline of accounting is provided. It is the process of reporting, recording and analyzing the economic data. It helps the student become aware of the fundamentals of accounting, objectives of accounting, characteristics of accounting, different branches of accounting, steps of the accounting process, advantages of accounting, limitations of accounting. In order to understand the succeeding chapters, the students have to have a strong understanding of this particular chapter. Thus, the student needs to comprehend and have a strong grip on this chapter. You can also check the Vedantu notes for a detailed explanation for Class 11 accountancy and its revision notes.

6. How can I pass my class 11 account?

To clear Class 11 Accounts, it is important for the student to follow certain suggestions.

Firstly, it is advisable that students devise and follow a certain routine where they allot equal time to every subject. They need to follow it regularly so that they are able to complete all the subjects on time without leaving anything pending.

Secondly,  it is important to read all the chapters line by line in order to attain a perfect understanding.

Once they are done with the reading of the chapters, the students need to resort to the NCERT solutions, where they get additional practise and training so that their existing knowledge is further strengthened and polished.

These practices will help the student in not just passing, but also attaining a good score in their  Class 11 Accountancy.

7. What is Accounting  Class 11?

Accounting is the process of recording, analyzing, classifying and summarising the transactions and events pertaining to the financial character and thus interpreting the results. The first chapter of the Class 11 syllabus provides the student with a basic understanding of the concepts important and relevant to the study of accounting. Thus, it is extremely important for the student to be well versed with the topics and concepts covered in the first chapter in order to have a better understanding of the chapters that succeed it. The Students can refer to the NCERT solutions by Vedantu for  Class 11 Accountancy to better comprehend the chapter as it will help them in retaining the concepts.

8. Is Class 11 Subject Accounts easy?

To make anything easier, the individual is advised to practice in the particular area where they want to strengthen their skills. This is also applicable to the students of Class 11 . In order to strengthen the spots where they feel they are weak, it is important for them to practice and attain a grip of the concepts and the topics. In order to achieve this, they have to read all the chapters and mark all the important areas that require extra attention. Apart from this, it is also advisable that they refer to the NCERT solutions and practice all the exercises so that the concepts become crystal clear to them. Thus, giving extra attention to areas where they lack will help them convert it into their strong point, making the learning process easy.

9. Are the NCERT Solutions helpful for Class 11 Accounts?

Yes, the NCERT Solutions are definitely the most helpful guidebooks for the students of Class 11 who are pursuing Accounts. These guide books help the student be thorough with the concepts through practice. The exercises that these exercises provide are immensely helpful in getting an idea of how the questions are set in the examination. All the exercises are solved and thus the learning process becomes easier. Thus, it goes without saying that with the practice of these NCERT solutions , the student can easily score more. The PDFs of NCERT Solutions are available on the Vedantu app and on the Vedantu website for free of cost.

REVISION NOTES FOR CLASS 11

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• List of Commerce Articles
• Class 11 Accountancy Chapter 1 Introduction To Accounting

Introduction to Accounting - Meaning, Objectives

Definition of accounting.

Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business.

The American Institute of Certified Public Accountants (AICPA) had defined accounting as the “art of recording, classifying, and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof”.

Today, accounting is used by everyone and a good understanding of it is beneficial to all. Accountancy act as a language of finance. To understand accounting efficiently, it is important to understand the aspects of accounting.

• Economic Events- It is a consequence of a company has to undergo when the number of monetary transactions is involved. Such as purchasing new machinery, transportation, machine installation on-site, etc.
• Identification, Measurement, Recording, and Communication- The accounting system should be outlined in such a way that the right data is identified, measured, recorded and communicated to the right individual and at the right time.
• Organization- In refers to the size of activities and level of a business operation.
• Interested Users of Information- It is about communicating important financial information to the customers, according to which they will make the correct decision.

Fundamentals of Accounting

• Assets- The economic value of an item which is possessed by the enterprise is referred to as Assets. To put it in other words, assets are those items that can be transformed into cash or that generates income for the enterprise shortly. It is useful in paying any expenses of the business entity or debt.
• Liabilities- The economic value of an obligation or debt that is payable by the enterprise to other establishment or individual is referred to as liability. To put it in other words, liabilities are the obligations that are rising out of previous transactions, which is payable by the enterprise, through the assets possessed by the enterprise.
• Owner’s Equity- Owner’s equity is one of the 3 vital segments of a sole proprietorship’s balance sheet and one of the main aspects of the accounting equation: Assets = Liabilities + Owner’s Equity. It depicts the owner’s investment in the trade minus the owner’s withdrawal from the trade + the net income since the business concern commenced.

Objectives of Accounting

The main objectives of accounting are:

To maintain a systematic record of business transactions

• Accounting is used to maintain a systematic record of all the financial transactions in a book of accounts.
• For this, all the transactions are recorded in chronological order in Journal and then posted to principle book i.e. Ledger.

To ascertain profit and loss

• Every businessman is keen to know the net results of business operations periodically.
• To check whether the business has earned profits or incurred losses, we prepare a “Profit & Loss Account”.

To determine the financial position

• Another important objective is to determine the financial position of the business to check the value of assets and liabilities.
• For this purpose, we prepare a “Balance Sheet”.

To provide information to various users

• Providing information to the various interested parties or stakeholders is one of the most important objectives of accounting.
• It helps them in making good financial decisions.

To assist the management

• By analysing financial data and providing interpretations in the form of reports, accounting assists management in handling business operations effectively.

Characteristics of Accounting:

The following attributes or characteristics can be drawn from the definition of Accounting:

(1) Identifying financial transactions and events

• Accounting records only those transactions and events which are of financial nature.
• So, first of all, such transactions and events are identified.

(2) Measuring the transactions

• Accounting measures the transactions and events in terms of money which are considered as a common unit.

(3) Recording of transactions

• Accounting involves recording the financial transactions inappropriate book of accounts such as Journal or Subsidiary Books.

(4) Classifying the transactions

• Transactions recorded in the books of original entry – Journal or Subsidiary books are classified and grouped according to nature and posted in separate accounts known as ‘Ledger Accounts’.

(5) Summarising the transactions

• It involves presenting the classified data in a manner and in the form of statements, which are understandable by the users.
• It includes Trial balance, Trading Account, Profit and Loss Account and Balance Sheet .

(6) Analysing and interpreting financial data

• Results of the business are analyzed and interpreted so that users of financial statements can make a meaningful and sound judgment.

(7) Communicating the financial data or reports to the users

• Communicating the financial data to the users on time is the final step of Accounting so that they can make appropriate decisions.

What are the Different Branches of Accounting?

The following are the main branches of accounting:

(a) Financial accounting:

Financial Accounting is that branch of accounting which involves identifying, measuring, recording, classifying, summarising the business transactions, i.e. it involves the steps from Identifying, Recording of transactions to Summarisation, and communicating the financial data.

(b) Cost accounting:

Cost Accounting is that branch of accounting which is concerned with the process of ascertaining and controlling the cost of products or services.

(c) Management accounting

Management accounting refers to that branch of accounting which is concerned with presenting the accounting information in such a way that helps the management in planning and controlling the operations of a business and in decision making.

Also Read: What is Management Accounting?

Steps of the Accounting Process:

Accounting process is the process of collecting, recording, classifying, summarising and communicating financial information to the users for judgement and decision-making. The following steps are involved in accounting process:

(1) Identification: It is the process of identifying and analysing business transactions.

(2)Recording: For recording, we use ‘Journal’ or Subsidiary Books.

(3) Classification of transactions: Classification means segregation of transactions on the basis of nature and posting them in a format known as Ledger Account.

(4) Summarisation: It includes preparation of Trial Balance and Financial Statements .

(5) Analysis & Interpretation: It includes an assessment of the financial reports and making some meaningful conclusions.

(6) Communicating information to the users: It includes sharing the financial reports and interprets results to the users of financial statements.

What is the Difference Between Bookkeeping and Accounting?

What are the advantages of accounting.

The following are the main advantages of accounting:

1. Provide information about financial performance

• Accounting provides factual information about financial performance during a given period of time
• Like, profit earned or loss incurred over a period and financial position at a particular point of time.

2. Provide assistance to management

• Accounting helps management in business planning, decision making and in exercising control.
• For this, it provides financial information in the form of reports.

3. Facilitates comparative study

• By keeping systematic records and preparation of reports at regular intervals, accounting helps in making a comparison.

4. Helps in settlement of tax liability

• Systematic accounting records help in settlement of various tax liabilities. Such as – Income Tax, GST, etc.

5. Helpful in raising loan

• Banks and Financial Institutions grant a loan to the firm on the basis of appraisal of the financial statement of the firm.

6. Helpful in decision making

• Accounting provides useful information to the management for taking decisions.

What Are the Limitations of Accounting?

Following are the limitations of accounting:

• Accounting is not precise : Accounting is not completely free from personal bias or judgment.
• Accounting is done on historic values of assets:  Accounting records assets at their historical cost less depreciation. It does not reflect their current market value.
• Ignore the effect of price level changes: Accounting statements are prepared at historical cost. So changes in the value of money are ignored.
• Ignore the qualitative information: Accounting records only monetary transactions. It ignores the qualitative aspects.
• Affected by window dressing:  Window dressing means manipulation in accounting to present a more favourable position of the business than the actual position.

Explain the Users of Accounting Information:

Users may be categorised into internal users and external users.

(A) Internal Users

• Owners : Owners contribute capital in the business and thus they are exposed to maximum risk. So, they are always interested in the safety of their capital.
• Management : Accounting information is used by management for taking various decisions.
• Employees : Employees are interested in the financial statements to assess the ability of the business to pay higher wages and bonuses.

(B) External U sers

• Banks and financial institutions:  Banks and Financial Institutions provide loans to business. So, they are interested in financial information to ensure the safety and recovery of the loan.
• Investors:  Investors are interested to know the earning capacity of business and safety of the investment.
• Creditors:  Creditors provide the goods on credit. So they need accounting information to ascertain the financial soundness of the firm.
• Government:  The government needs accounting information to assess the tax liability of the business entity.
• Researchers:  Researchers use accounting information in their research work.
• Consumers:  They require accounting information for establishing good accounting control, which will reduce the cost of production.

Qualitative Characteristics of Accounting Information

Qualitative characteristics are the attributes of accounting information, which enhance its understandability and usefulness:

• Reliability:  Reliability implies that the information must be free from material error and personal bias.
• Relevance:  Accounting information must be relevant to the decision-making requirements of the users.
• Understandability:  Information should be disclosed in financial statements in such a manner that these are easily understandable.
• Comparability:  Both intra-firm and inter-firm comparison must be possible over different time periods.

Explain the System of Accounting

System of accounting

• There are following two systems of recording transactions in the books of accounts:
• Double Entry System
• Single Entry System

Double-entry system

• The double entry system is based on the Dual Aspect Principle.
• Every transaction has two aspects, ‘a Debit’ and ‘a credit’ of an equal amount.
• This system of accounting recognises and records both aspects of the transaction.

Single entry system

• Under this system, both aspects are not recorded for all the transactions.
• Either only one aspect is recorded or both the aspects are not recorded for all the transactions.

What Are the Advantages of the Double-entry System of Accounting?

Following are the main advantages of the double-entry system of accounting:

Scientific system

• As compared to the other systems, this system of recording transactions is more scientific and useful to achieve the objective of accounting.

A complete record of the transaction

• Since both the aspects of transactions are considered there is a complete recording of each and every transaction.
• Using these records we are able to compute profit or loss easily.

Checks arithmetical accuracy of accounts

• Under this system, by preparing a Trial Balance we are able to check the arithmetical accuracy of the records.

Determination of profit/loss and depiction of financial position

• Under this system by preparing ‘Profit & Loss A/c’ we get to know about the profit earned or loss incurred.
• By preparing the ‘Balance Sheet’ the financial position of the business can be ascertained, i.e. position of assets and liabilities is depicted.

Helpful in decision making

• Administration and management are able to take decisions on the basis of factual information under the double-entry system of accounting.

The above mentioned concept ‘Introduction to Accounting’ is elucidated in detail for Commerce students. To know more, stay tuned to BYJU’S.

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