DK Goel Solutions Class 11 Accountancy Chapter 27 Accounting Software Package Tally
Question 1. What are the salient features in tally? Solution 1: Below are the salient feature in tally:- Inventory management is possible in Tally. Once the available units are entered in it, update stock summary after each transaction can be obtained. As Payroll feature…
DK Goel Solutions Class 11 Accountancy Chapter 26 Computerised Accounting System
Short Answer Questions Question 1. Define a computerised accounting system. Distinguish between a manual and computerised accounting system. Solution 1: A computerised accounting system is that accounting information system that helps in processing the financial…
DK Goel Solutions Class 11 Accountancy Chapter 25 Introduction of Accounting Information System
Short Answer Questions Question 1. Write a detailed note on Transaction Processing System (TPS). Solution 1: They are the computerised systems that perform and record the daily routine transactions which are necessary to conduct the business. TPS serve the organisation…
DK Goel Solutions Class 11 Accountancy Chapter 24 Introduction to Computer
Short Answer Questions Question 1. What is a computer? What are its important features? Solution 1: A computer is an automatic electronic machine for performing calculations. But it cannot be defined merely a calculating machine because it is capable of answering the…
DK Goel Solutions Class 11 Accountancy Chapter 23 Accounts from Incomplete Records
Short Answer Questions Question 1. Write any three characteristics of Single Entry System. Solution 1: Below are the characteristics of Single Entry System:- 1.) Maintenance of Personal Accounts only:- Usually under this system, only personal accounts are…
DK Goel Solutions Class 11 Accountancy Chapter 22 Financial Statements With Adjustments
Short Answer Questions Question 1. What is the necessity of doing adjustments? Give four adjustment entries with their explanations. Solution 1: Necessity of doing adjustments: To ascertain the true net Profit or loss of the business. To ascertain the true…
DK Goel Solutions Class 11 Accountancy Chapter 21 Financial Statement
Short Answer Questions Question 1. What is the used of financial statement for employees and trade union? Solution 1: On the basis of financial statement they can judge as to how much bonus and increase in their wages is possible from the profits of the…
DK Goel Solutions Class 11 Accountancy Chapter 20 Capital and Revenue
Very Short Answer Questions Question 1. What is Capital Expenditure? Solution 1: Any expenditure which is incurred in acquiring or increasing the value of a fixed asset is treated as capital expenditure. Question 2. Give two examples of capital expenditure.…
DK Goel Solutions Class 11 Accountancy Chapter 19 Rectification of Errors
Numerical Questions Question 1. Rectify the following errors: (i) Credit sales to Mridula Rs. 5,000 were not recorded. (ii) Credit purchases from Nayna Rs. 8,000 were not recorded. (iii) Goods returned to Priya Rs. 12,000 were not recorded. (iv) Goods returned from Rashi Rs…
DK Goel Solutions Class 11 Accountancy Chapter 18 Bills of Exchange
Short Answer Questions Question 1. Give a definition of Bill of Exchange and give its four characteristics. Solution 1: Definition of Bill of Exchange: As per Section 5 of the Negotiable Instruments Act, 1881, "A Bill of Exchange is an instrument in writing containing…
DK Goel Solutions Class 11 Accountancy Chapter 17 Provision and Reserves
Short Answer Questions Question 1. Define provision. What is the important of creating a provision? (any three points of importance). Solution 1: According to the companies Act the term ‘Provision’ refers to any of the following amounts:- (i) The amount written off or…
DK Goel Solutions Class 11 Accountancy Chapter 16 Depreciation
Short Answer Questions Question 1. Define depreciation. State any two reasons for providing depreciation. Solution 1: Depreciation may be defined as the permanent and continuing diminution in the quality, quantity or the value of an asset. Below are the two reasons…
DK Goel Solutions Class 11 Accountancy Chapter 15 Bank Reconciliation Statement
Long Answer Question Question 1. What is a Bank Reconciliation Statement? Explain any four points regarding need and importance of preparing a Bank Reconciliation Statement. Solution 1: Bank reconciliation statement is a statement prepared mainly to reconcile the…
DK Goel Solutions Class 11 Accountancy Chapter 14 Trial Balance and Errors
Short Answer Question Question 1. What is a Trail Balance? State any four functions of a Trail Balance. Solution 1: According to J.R. Batliboi, "A Trial Balance is a statement, prepared with the debit and credit balances of the Ledger Accounts to test the arithmetical…
DK Goel Solutions Class 11 Accountancy Chapter 13 Ledger
Short Answer Question Question 1. Distinguish between Journal and Ledger. Solution 1: Question 2. Enumerate four advantages of Ledger. Solution 2: Below are the advantages of ledger:- (1) All accounts are opened on separate pages in this book. Hence…