NCERT Solutions Class 11 Accountancy Chapter 3 Recording of Transactions 1

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NCERT Solutions Class 11 Accountancy Chapter 3 Recording of Transactions 1. The NCERT solutions for Class 11 Mathematics have been made by Mathematics teacher of one of the best CBSE school in India. These NCERT solutions have been made to give detailed answers and expanations of the concepts as per NCERT which can be easily understood by the students. Refer to other links also to download mathematics NCERT solutions, worksheets, sample papers and Exemplar Solutions. 

Class 11 Accountancy

NCERT Solutions 

Chapter 3 Recording of Transactions 1 

Class_11_Accountancy_Solutions_1

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 by the source document is important in the following manners:

1. It provides evidence that a transaction has actually occurred.

2. It provides important and relevant information about date, amount, parties involved and other details of a particular transaction.

3. It acts as a proof in the court of law.

4. It helps in verifying transactions during the auditing process.

Q3. Should a transaction be first recorded in a journal or ledger? Why?

Answer : A transaction should be recorded first in a journal because journal provides complete details of a transaction in one entry. Further, a journal forms the basis for posting the transactions into their respective accounts into ledger. Transactions are recorded in journal in chronological order, i.e. in the order of occurrence with the help of source documents. Journal is also known as ‘book of original entry’, because with the help of source document, transactions are originally recorded in books. The process of recording the transactions in journal and then in ledger is

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