DK Goel Solutions Class 11 Accountancy Chapter 7 Double Entry System

Very Short Questions

Question 1.

Solution 1: Double Entry System of Book-keeping refers to a system of accounting. Under this system two aspects of accounting debit or credit of every transaction are involved. The individual record of person or thing or an item of income or an expense is called an account. Every debit has equal amount of credit. So the total of all debits must be equal to the total of all credits.

Question 2. 

Solution 2: The two types of accounts are.

(i) Personal account

(ii) Real account

(iii) Nominal account

Question 3. 

Solution 3: Personal Account:- This account is related to a company, firm, a partnership firm and an individual person. for Example:- Ram account, Kunal and Co. etc.

Question 4. 

Solution  4: Real Account:- The real account refers to those accounts whose value is in term of money and the properties of the business. Examples:- Machinery account, cash account, etc.

Question 5. 

Solution  5: Nominal Account:- Nominal Account refers to those accounts which are only mentioned but does not exist is known as nominal account. Example:- Expense and income account.

Question 6. 

Solution 6: Account which are refers to human being are known as natural personal account. Example:- Priya’s account.

Question 7.

Solution  7: Accounts which do not have a physical existence, but considered as a personal account known as artificial personal account. Example:- Raman & company’s account.

Question 8. 

Solution  8: When an account represents an individual or a group of individual, is known as a representative personal account. Such as outstanding rent account.

Question 9. 

Solution  9: The rule of recording personal account transaction is “debit the receiver and credit the giver”.

Question 10. 

Solution  10: The rule of recording real account transaction is “debit what comes in and credit what goes out”.

Question 11. 

Solution  11: The rule of recording nominal account transaction is “debit all losses and expenses and credit all gains and income.

Practical Questions

Question 1. 

Solution 1:

Question 2.

Sulution 2: