Read DK Goel Class 11 Accountancy Solutions for Chapter 7 Double Entry System below. These DK Goel Accountancy Class 11 solutions have been prepared based on the latest book for DK Goel Class 11 for the current academic year by expert accounts teachers at studiestoday.com. These DK Goel Class 11 Solutions help commerce students in class 11 understand accountancy and build a strong base in accounts. Students in Class 11 who study accountancy and use the DK Goel Accountancy book to understand concepts of Chapter 7 Double Entry System should understand the concepts and solve practice questions and exercises given at the end of the chapter. We have provided solutions for all questions and have also provided short notes for each problem. This will help Class 11 DK Goel Accountancy students to understand the questions properly. Refer to the solutions provided below prepared by CBSE NCERT teachers
Chapter 7 Double Entry System DK Goel Class 11 Solutions
Class 11 Accountancy students should read the following DK Goel Solutions for Class 11 Chapter 7 Double Entry System in Standard 11. All solutions provided below can be downloaded in Pdf and are available for free. This DK Goel Book for Grade 11 Accountancy will be very useful for exams and help you to score good marks in Class 11 accountancy examinations. On our website www.studiestoday.com, we have provided solutions for all chapters given in the DK Goel Accountancy Book for Class 11.
DK Goel Solutions Chapter 7 Double Entry System Class 11 Accountancy
Very Short Questions
Question 1. What is the double-entry system of book-keeping?
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. State two type of accounts
Solution 2: The two types of accounts are.
(i) Personal account
(ii) Real account
(iii) Nominal account
Question 3. What are the personal account?
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. What are the real account?
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. What are the nominal account?
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. What are a natural personal account? Give an example.
Solution 6: Account which are refers to human being are known as natural personal account. Example:- Priya’s account.
Question 7. What are artificial personal accounts? Give an example.
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. What are representative personal accounts? Give an example.
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. What is the rule of recording transactions in a personal account?
Solution 9: The rule of recording personal account transaction is “debit the receiver and credit the giver”.
Question 10. What is the rule of recording transactions in a real account?
Solution 10: The rule of recording real account transaction is “debit what comes in and credit what goes out”.
Question 11. What is the rule of recording transactions in a nominal account?
Solution 11: The rule of recording nominal account transaction is “debit all losses and expenses and credit all gains and income.
Question 1. Classify the following accounts under personal, real or nominal accounts:
Question 2. Classify the following into real, personal, or Nominal account.
(1.) Capital (2.) Drawings (3.) Cash paid (4.) Cash Received (5.) Commission Paid (6.) Commission Received (7.) Purchases A/c (8.) Sales A/c (9.) Furniture (10.) Cash A/c (11.) Bank A/c (12.) Bank Overdraft (13.) Debtors A/c (14.) Creditors A/c (15.) Travelling Expenses (16.) Goodwill (17.) Patents (18.) Salary A/c (19.) Salary Outstanding A/c (20.) Insurance A/c (21.) Insurance Prepaid A/c (22.) Bad Debts are written off (23.) Bad Debts Recovered.