ACCOUNTANCY(Including Project Work)

Class XI

ACCOUNTANCY(Including Project Work)

CLASS XI

Strictly according to new syllabus prescribed by

Central Board of Secondary Education (CBSE)and

State Boards of Chhattisgarh, Haryana, Bihar, Jharkhand,Kerala, Mizoram, Meghalaya, Punjab, Uttarakhand and

other States following NCERT curriculum

By

ABHISHEK SINGHM.Phil, MBA(F), M.Com, B.Com(H), SAPM

LAXMI PUBLICATIONS (P) LTD∑ ∑ ∑ ∑

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ACCOUNTANCY–XI

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CONTENTS

Preface (ix)

Acknowledgements (x)

Units Pages

1. Introduction and Theory Basis of Accounting ... 1.1–1.43• Summary ... 1.1• Frequently Asked Questions ... 1.2• Theoretical Questions ... 1.7• NCERT Questions (Solved) ... 1.13• Value Based Questions ... 1.15• Accounting Overview ... 1.16

I. Fundamental of Accounting ... 1.17II. Principles of Accounting ... 1.24

III. Accounting Policies ... 1.29IV. Basis of Accounting ... 1.30V. System of Accounting ... 1.30

VI. Accounting Standards ... 1.31VII. Understanding of IFRS ... 1.34

• Foundation Examination Questions (CA-CPT, CMA, CS) ... 1.352. Accounting Equations and Vouchers ... 2.1–2.45

• Summary ... 2.1• Frequently Asked Questions ... 2.2• Theoretical Questions ... 2.5• Viva Questions ... 2.7• Value Based Questions ... 2.8• Conceptual Questions (Solved) ... 2.8• NCERT Questions (Solved) ... 2.27• Practice Questions (Unsolved) ... 2.35• Foundation Examination Questions (CA-CPT, CMA, CS) ... 2.42

3. Journal and Ledger ... 3.1–3.67• Summary ... 3.1• Frequently Asked Questions ... 3.2• Theoretical Questions ... 3.4• Rules of Journal, Ledger and Trial Balance ... 3.8• Viva Questions ... 3.10• Value Based Questions ... 3.10• Conceptual Questions (Solved) ... 3.11

(v)

• NCERT Questions (Solved) ... 3.41• Practice Questions (Unsolved) ... 3.56• Foundation Examination Questions (CA-CPT, CMA, CS) ... 3.66

4. Cash Book and Other Subsidiary Books ... 4.1–4.60• Summary ... 4.1• Frequently Asked Questions ... 4.2• Theoretical Questions ... 4.4• Viva Questions ... 4.6• Value Based Questions ... 4.7• Proforma of Various Accounts ... 4.7• Conceptual Questions (Solved) ... 4.8• NCERT Questions (Solved) ... 4.28• Practice Questions (Unsolved) ... 4.38• Foundation Examination Questions (CA-CPT, CMA, CS) ... 4.56

5. Bank Reconciliation Statement ... 5.1–5.53• Summary ... 5.1• Frequently Asked Questions ... 5.2• Theoretical Questions ... 5.5• Viva Questions ... 5.7• Value Based Questions ... 5.7• Conceptual Questions (Solved) ... 5.10• NCERT Questions (Solved) ... 5.29• Practice Questions (Unsolved) ... 5.36• Foundation Examination Questions (CA-CPT, CMA, CS) ... 5.49

6. Rectification of Errors ... 6.1–6.56• Summary ... 6.1• Frequently Asked Questions ... 6.2• Theoretical Questions ... 6.4• Viva Questions ... 6.6• Value Based Questions ... 6.7• Conceptual Questions (Solved) ... 6.8• NCERT Questions (Solved) ... 6.31• Practice Questions (Unsolved) ... 6.43• Foundation Examination Questions (CA-CPT, CMA, CS) ... 6.53

7. Depreciation, Provisions and Reserves ... 7.1–7.60• Summary ... 7.1• Frequently Asked Questions ... 7.2• Theoretical Questions ... 7.4• Viva Questions ... 7.9• Value Based Questions ... 7.9• Accounting Entries ... 7.10• Conceptual Questions (Solved) ... 7.11

(vi)

• NCERT Questions (Solved) ... 7.31• Practice Questions (Unsolved) ... 7.46• Foundation Examination Questions (CA-CPT, CMA, CS) ... 7.55

8. Bills of Exchange ... 8.1–8.72• Summary ... 8.1• Frequently Asked Questions ... 8.2• Theoretical Questions ... 8.6• Viva Questions ... 8.11• Value Based Questions ... 8.12• Conceptual Questions (Solved) ... 8.12• NCERT Questions (Solved) ... 8.40• Practice Questions (Unsolved) ... 8.60• Foundation Examination Questions (CA-CPT, CMA, CS) ... 8.69

9. Financial Statement of Sole Proprietorship ... 9.1–9.118• Summary ... 9.1• Frequently Asked Questions ... 9.2• Theoretical Questions ... 9.6• Viva Questions ... 9.12• Value Based Questions ... 9.13• Proforma Under Financial Statement of Sole Proprietor ... 9.14• Adjustments and Treatments ... 9.16• Conceptual Questions (Solved) ... 9.37• NCERT Questions (Solved) ... 9.65• Practice Questions (Unsolved) ... 9.90• Foundation Examination Questions (CA-CPT, CMA, CS) ... 9.114

10. Accounting from Incomplete Records ... 10.1–10.43• Summary ... 10.1• Frequently Asked Questions ... 10.2• Theoretical Questions ... 10.3• Viva Questions ... 10.7• Value Based Questions ... 10.8• Proforma of Various Accounts Under Incomplete Records ... 10.8

1. Statement of Affairs ... 10.82. Conversion Method ... 10.9

• Conceptual Questions (Solved) ... 10.12• NCERT Questions (Solved) ... 10.24• Practice Questions (Unsolved) ... 10.33• Foundation Examination Questions (CA-CPT, CMA, CS) ... 10.41

11. Not-for-Profit Organization ... 11.1–11.81• Summary ... 11.1• Frequently Asked Questions ... 11.2• Theoretical Questions ... 11.5

(vii)

• Viva Questions ... 11.9• Value Based Questions ... 11.9• Proforma of Accounts ... 11.10• Adjustments and Treatments ... 11.12• Conceptual Questions (Solved) ... 11.18• NCERT Questions (Solved) ... 11.47• Practice Questions (Unsolved) ... 11.64• Foundation Examination Questions (CA-CPT, CMA, CS) ... 11.80

12. Computerized System of Accounting ... 12.1–12.29• Summary ... 12.1• Frequently Asked Questions ... 12.2• Theoretical Questions ... 12.7• NCERT Questions (Solved) ... 12.22

Project Work ... 1–18

Glossary ... 1–5

Sample Question Papers ... 1–8

(viii)

PREFACE

Accountancy has been thoroughly revised as per the latest CBSE syllabus andguidelines issued on the subject. As Accountancy curriculum has undergone various types ofchanges from time to time to integrate itself with the global accounting norms. This bringsnew challenges for the students to prepare themselves to have a strong base for advancedlearning of the subject.

Accountancy is based on functional approach of the subject and covers all theimportant aspects, which serves as a foundation for the Class 11 students. In order to havemore clarity in accountancy and to understand the complex transactions, it will only be pos-sible if an individual has a firm theoretical and practical understanding of the subject. Thisbook will serve the purpose and help him to score high in their school exam as well as inprofessional courses exams (like CA-CPT, CMA, CS).Salient Features of the Book

• Summary of each topic has been mentioned in beginning to provide topic overview.• Frequently Asked Questions and Theoretical Questions are arranged in chronological

order for student to grip on theoretical concepts of the relevant topic.• Viva Voce and Value Based Questions have been formulated for each chapter according

to the latest guidelines issued by CBSE Board.• Conceptual Questions, NCERT Questions and Practice Questions are arranged in

chronological order to help the students for better understanding.• Inclusive of Multiple Choice Questions for the students who wish to pursue Professional

Courses (like CA-CPT, CMA, CS).• Sample Test Papers and Glossary at the end of the book, to grip the accounting

terminology.• Relevant Accounting Standards have been discussed wherever students need to be

made aware of the regulatory framework affecting the accounting process.• Logical and effective presentation of topics creates a lot of interest while reading the

book and makes it easy to understand even the complex topics.Although I have taken care and laid down all efforts to remove errors, any discrepancy

which might have crept in, yet criticism or suggestions are always solicited. Thanking you inanticipation for your cooperation and I would also like to seek the valuable suggestions fromfaculty members so that the book could be improved further.

Outstanding people have one thing in common; an absolute sense of mission.Wishing for your success…..

—AUTHOR

(ix)

ACKNOWLEDGEMENTS

The author takes the opportunity to thank gratefully the following learned andexperienced teachers for sending suggestions and compliments for this book. It is our firmconviction that they will continue this process of sending their valuable suggestions in futurealso.

Mrs. Poornima Narayan (Principal), Cambridge School, Sriniwas Puri, Delhi.Mr. P.S. Laxmi Naraynan (Head of Department of Commerce), Cambridge School,Sriniwas Puri, Delhi.Dr. Dinesh Madan, Founder and General Secretary, Commerce Teachers’ Foundation(Head of Department of Commerce), Navyug School, Lodhi Road, New Delhi.Mr. S.K Taneja, President, Commerce Teachers’ Foundation.Mrs. Kiran Agarwal (Head of Department of Commerce), Ramjas Anand Parvat, Delhi.Mrs. Vaishali Dudeja (Head of Department of Commerce), Rawal Public School.Ms. Sudesh Suryavanshi (Head of Department of Commerce), Modern School VasantVihar, Delhi.Dr. Praveen Kumar Taneja (Head of Department of Commerce), Indraprastha Interna-tional School.Mrs. Jyotsna Tyagi (Lecturer Commerce), Ahlcon Public School.Mr. Sudhir Sapra (Design Lecturer Commerce), Sarvodaya Co Ed Sr. Secondary School,Jaidev Park, Delhi.Mrs. Vandana Lal (PGT Commerce), Maharaja Agarsen Public School, Ashok Vihar,Delhi.Mr. Inderjeet Singh Punjwaria (PGT Commerce), Dr. Radhakrishanan InternationalSchool, Delhi.Mr. Gaurav Palia (PGT Commerce), DAV Centenary Public School, Paschim Enclave.Mr. Himanshu Saxena (PGT Commerce), Dharam Public School, Gr. Noida.Mr. R.K. Mahajan (PGT Commerce), ApeeJay School, Saket, Delhi.Mrs. Poornima Khanna (PGT Commerce), Kendriya Vidyalaya, Janakpuri, Delhi.Mr. Hitendra Virani (PGT Commerce), Rajkiya Pratibha Vikas Vidyalaya, Delhi.Mr. Alok Bhaskar (PGT Commerce), Amity International School, Noida.Mr. C.M. Jain (PGT Commerce), N.K Bagrodia Public School.Mrs. Shalini Arora(PGT Commerce), G.L.T Saraswati Bal Mandir, Nehru Nagar, Delhi.Mrs. Rachna Grover (PGT Commerce), Saraswati Bal Mandir, Mehrauli, New Delhi.Mrs. Manisha Bajpai (PGT Commerce), St. Mary Senior Secondary School, PaschimVihar, Delhi.

(x)

Golden Accountancy Class 11th New2014

Publisher : Laxmi Publications ISBN : 9788131803608 Author : Abhishesk Singh

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