DK Goel Solutions Class 11 Accountancy Chapter 27 Accounting Software Package Tally
Question 1. 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 in tally so, there is no need of…
DK Goel Solutions Class 11 Accountancy Chapter 26 Computerised Accounting System
Short Answer Questions Question 1. Solution 1: A computerised accounting system is that accounting information system that helps in processing the financial transactions and events as per the Generally accepted accounting principles (GAAP). Below the difference…
DK Goel Solutions Class 11 Accountancy Chapter 25 Introduction of Accounting Information System
Short Answer Questions Question 1. 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 at the operational level. Processes of Transaction…
DK Goel Solutions Class 11 Accountancy Chapter 24 Introduction to Computer
Short Answer Questions Question 1. 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 questions based on the data stored inside it.…
DK Goel Solutions Class 11 Accountancy Chapter 23 Accounts from Incomplete Records
Short Answer Questions Question 1. Solution 1: Below are the characteristics of Single Entry System:- 1.) Maintenance of Personal Accounts only:- Usually under this system, only personal accounts are prepared in the books and the real and nominal…
DK Goel Solutions Class 11 Accountancy Chapter 22 Financial Statements With Adjustments
Short Answer Questions Question 1. Solution 1: Necessity of doing adjustments: To ascertain the true net Profit or loss of the business. To ascertain the true financial position of the business. To make a record of the transaction omitted from the books.…
DK Goel Solutions Class 11 Accountancy Chapter 21 Financial Statement
Short Answer Questions Question 1. 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 enterprise. Question 2. Solution 2: They can…
DK Goel Solutions Class 11 Accountancy Chapter 20 Capital and Revenue
Very Short Answer Questions Question 1. Solution 1: Any expenditure which is incurred in acquiring or increasing the value of a fixed asset is treated as capital expenditure. Question 2. Solution 2: Below are the examples of capital…
DK Goel Solutions Class 11 Accountancy Chapter 19 Rectification of Errors
Numerical Questions Question 1. Solution 1: Point of Knowledge:- Maintaining correct accounting records. Redrafting the Trial Balance with the rectified ledger balances. Preparation of correct Profit and Loss Account by using the rectified figures to find out the…
DK Goel Solutions Class 11 Accountancy Chapter 18 Bills of Exchange
Short Answer Questions Question 1. 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 an unconditional order signed by the maker, directing a certain…
DK Goel Solutions Class 11 Accountancy Chapter 17 Provision and Reserves
Short Answer Questions Question 1. Solution 1: According to the companies Act the term ‘Provision’ refers to any of the following amounts:- (i) The amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets. (…
DK Goel Solutions Class 11 Accountancy Chapter 16 Depreciation
Short Answer Questions Question 1. 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 for providing depreciation:- 1.) For ascertaining the true profit…
DK Goel Solutions Class 11 Accountancy Chapter 15 Bank Reconciliation Statement
Long Answer Question Question 1. Solution 1: Bank reconciliation statement is a statement prepared mainly to reconcile the difference between the ‘Bank Balance’ shown by the Cash Book and Bank Pass Book.” Need and Importance of Bank Reconciliation Statement:- (…
DK Goel Solutions Class 11 Accountancy Chapter 14 Trial Balance and Errors
Short Answer Question Question 1. 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 accuracy of the books." Four Functions of a Trial Balance are…
DK Goel Solutions Class 11 Accountancy Chapter 13 Ledger
Short Answer Question Question 1. Solution 1: Question 2. Solution 2: Below are the advantages of ledger:- (1) All accounts are opened on separate pages in this book. Hence, all the transactions pertaining to an account are collected at…