NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records Accounts from Incomplete Records Questions and Answers Class 11 Accountancy Chapter 11 Test Your Understanding – I Tick the correct answer : Question 1. Incomplete record mechanism of book keeping is : (a) Scientific (b) Unscientific (c) Unsystematic (d) Both (b) and (c)…
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NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statements 2 Financial Statements 2 Questions and Answers Class 11 Accountancy Chapter 10 Test Your Understanding Tick the correct answer : Question 1. Rahul’s trial balance provide you the following information : Debtors — Rs. 80,000 Bad debts — Rs. 2,000 Provision for bad debts —…
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NCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statements 1 Financial Statements 1 Questions and Answers Class 11 Accountancy Chapter 9 Test Your Understanding -I I. State True or False : (i) Gross profit is total revenue. (ii) In trading and profit and loss account, opening stock appears on the debit side because it…
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NCERT Solutions For Class 11 Financial Accounting – Bills of Exchange Short Answer Type Questions Q1. Name any two types of commonly used negotiable instruments. Solution: Cheques and Bills of exchange are the commonly used negotiable instruments. Q2. Write two points of distinction between bills of exchange and promissory note. Solution: Q3. State…
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NCERT Solutions For Class 11 Financial Accounting – Depreciation, Provisions and Reserves Short Answer Type Questions Q1. What is ‘Depreciation’? Solution: Depreciation means fall in book value of depreciable fixed asset because of wear and tear of the asset passage/efflux of time obsolescence accident A machinery costing ₹ 1,00,000 and its useful life is…
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NCERT Solutions For Class 11 Financial Accounting – Trial Balance and Rectification of Errors Short Answer Type Questions Q1. State the meaning of a Trial Balance. Solution: Trial balance is a statement prepared to check the arithmetical accuracy of transactions recorded in the journal, posted into the ledger and balanced in the ledger accounts. The balance of…
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NCERT Solutions For Class 11 Financial Accounting – Bank Reconciliation Statement Short Answer Type Questions Q1. State the need for the preparation of bank reconciliation statement? Solution: The need and importance of the bank reconciliation statement are as follows: It ensures accuracy of the balances and records shown by the pass book and cash…
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NCERT Solutions For Class 11 Financial Accounting – Recording of Transactions-II Short Answer Type Questions Q1. Briefly state how the cash book is both journal and a ledger? Answer : Transactions are recorded directly from source documents in the Cash Book, so there is no need to record transactions in the Journal book. Further, on…
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NCERT Solutions For Class 11 Financial Accounting – Recording of Transactions-I Short Answer Type Questions Q1. State the three fundamental steps in the accounting process. Answer : The fundamental steps in the accounting process are diagrammatically presented below. Q2. Why is the evidence provided by source documents important to accounting? Answer : The evidence provided…
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NCERT Solutions For Class 11 Financial Accounting – Theory Base of Accounting Short Answer Type Questions Q1. Why is it necessary for accountants to assume that business entity will remain a going concern? Answer : Going Concern Concept assumes that the business entity will continue its operation for an indefinite period of time. It is…
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