ACCOUNTANCY. (Including Project Work) Class XI

ACCOUNTANCY (Including Project Work) Class XI

ACCOUNTANCY (Including Project Work) CLASS XI Strictly according to new syllabus prescribed by Central Board of Secondary Education (CBSE) and State Boards of Chhattisgarh, Haryana, Bihar, Jharkhand, Kerala, Mizoram, Meghalaya, Punjab, Uttarakhand and other States following NCERT curriculum By ABHISHEK SINGH M.Phil, MBA(F), M.Com, B.Com(H), SAPM LAXMI PUBLICATIONS (P) LTD NEW DELHI

ACCOUNTANCY XI Copyright by Laxmi Publications (P) Ltd. All rights reserved including those of translation into other languages. In accordance with the Copyright (Amendment) Act, 2012, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise. Any such act or scanning, uploading, and or electronic sharing of any part of this book without the permission of the publisher constitutes unlawful piracy and theft of the copyright holder s intellectual property. If you would like to use material from the book (other than for review purposes), prior written permission must be obtained from the publishers. Printed and bound in India Typeset at Excellent Graphics New Edition Limits of Liability/Disclaimer of Warranty: The publisher and the author make no representation or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties. The advice, strategies, and activities contained herein may not be suitable for every situation. In performing activities adult supervision must be sought. Likewise, common sense and care are essential to the conduct of any and all activities, whether described in this book or otherwise. Neither the publisher nor the author shall be liable or assumes any responsibility for any injuries or damages arising herefrom. The fact that an organization or Website if referred to in this work as a citation and/or a potential source of further information does not mean that the author or the publisher endorses the information the organization or Website may provide or recommendations it may make. Further, readers must be aware that the Internet Websites listed in this work may have changed or disappeared between when this work was written and when it is read. All trademarks, logos or any other mark such as Vibgyor, USP, Amanda, Golden Bells, Firewall Media, Mercury, Trinity, Laxmi appearing in this work are trademarks and intellectual property owned by or licensed to Laxmi Publications, its subsidiaries or affiliates. Notwithstanding this disclaimer, all other names and marks mentioned in this work are the trade names, trademarks or service marks of their respective owners. Published in India by Laxmi Publications (P) Ltd. 113, GOLDEN HOUSE, DARYAGANJ, NEW DELHI - 110002, INDIA Telephone : 91-11-4353 2500, 4353 2501 Fax : 91-11-2325 2572, 4353 2528 C www.laxmipublications.com info@laxmipublications.com Printed at: Branches & Bangalore 080-26 75 69 30 & Chennai 044-24 34 47 26, 24 35 95 07 & Cochin 0484-237 70 04, 405 13 03 & Guwahati 0361-254 36 69, 251 38 81 & Hyderabad 040-27 55 53 83, 27 55 53 93 & Jalandhar 0181-222 12 72 & Kolkata 033-22 27 43 84 & Lucknow 0522-220 99 16 & Mumbai 022-24 91 54 15, 24 92 78 69 & Ranchi 0651-220 44 64

Preface Acknowledgements Units CONTENTS (ix) (x) Pages 1. Introduction and Theory Basis of Accounting... 1.1 1.43 Summary... 1.1 Frequently Asked Questions... 1.2 Theoretical Questions... 1.7 NCERT Questions (Solved)... 1.13 Value Based Questions... 1.15 Accounting Overview... 1.16 I. Fundamental of Accounting... 1.17 II. Principles of Accounting... 1.24 III. Accounting Policies... 1.29 IV. Basis of Accounting... 1.30 V. System of Accounting... 1.30 VI. Accounting Standards... 1.31 VII. Understanding of IFRS... 1.34 Foundation Examination Questions (CA-CPT, CMA, CS)... 1.35 2. Accounting Equations and Vouchers... 2.1 2.45 Summary... 2.1 Frequently Asked Questions... 2.2 Theoretical Questions... 2.5 Viva Questions... 2.7 Value Based Questions... 2.8 Conceptual Questions (Solved)... 2.8 NCERT Questions (Solved)... 2.27 Practice Questions (Unsolved)... 2.35 Foundation Examination Questions (CA-CPT, CMA, CS)... 2.42 3. Journal and Ledger... 3.1 3.67 Summary... 3.1 Frequently Asked Questions... 3.2 Theoretical Questions... 3.4 Rules of Journal, Ledger and Trial Balance... 3.8 Viva Questions... 3.10 Value Based Questions... 3.10 Conceptual Questions (Solved)... 3.11 (v)

(vi) NCERT Questions (Solved)... 3.41 Practice Questions (Unsolved)... 3.56 Foundation Examination Questions (CA-CPT, CMA, CS)... 3.66 4. Cash Book and Other Subsidiary Books... 4.1 4.60 Summary... 4.1 Frequently Asked Questions... 4.2 Theoretical Questions... 4.4 Viva Questions... 4.6 Value Based Questions... 4.7 Proforma of Various Accounts... 4.7 Conceptual Questions (Solved)... 4.8 NCERT Questions (Solved)... 4.28 Practice Questions (Unsolved)... 4.38 Foundation Examination Questions (CA-CPT, CMA, CS)... 4.56 5. Bank Reconciliation Statement... 5.1 5.53 Summary... 5.1 Frequently Asked Questions... 5.2 Theoretical Questions... 5.5 Viva Questions... 5.7 Value Based Questions... 5.7 Conceptual Questions (Solved)... 5.10 NCERT Questions (Solved)... 5.29 Practice Questions (Unsolved)... 5.36 Foundation Examination Questions (CA-CPT, CMA, CS)... 5.49 6. Rectification of Errors... 6.1 6.56 Summary... 6.1 Frequently Asked Questions... 6.2 Theoretical Questions... 6.4 Viva Questions... 6.6 Value Based Questions... 6.7 Conceptual Questions (Solved)... 6.8 NCERT Questions (Solved)... 6.31 Practice Questions (Unsolved)... 6.43 Foundation Examination Questions (CA-CPT, CMA, CS)... 6.53 7. Depreciation, Provisions and Reserves... 7.1 7.60 Summary... 7.1 Frequently Asked Questions... 7.2 Theoretical Questions... 7.4 Viva Questions... 7.9 Value Based Questions... 7.9 Accounting Entries... 7.10 Conceptual Questions (Solved)... 7.11

(vii) NCERT Questions (Solved)... 7.31 Practice Questions (Unsolved)... 7.46 Foundation Examination Questions (CA-CPT, CMA, CS)... 7.55 8. Bills of Exchange... 8.1 8.72 Summary... 8.1 Frequently Asked Questions... 8.2 Theoretical Questions... 8.6 Viva Questions... 8.11 Value Based Questions... 8.12 Conceptual Questions (Solved)... 8.12 NCERT Questions (Solved)... 8.40 Practice Questions (Unsolved)... 8.60 Foundation Examination Questions (CA-CPT, CMA, CS)... 8.69 9. Financial Statement of Sole Proprietorship... 9.1 9.118 Summary... 9.1 Frequently Asked Questions... 9.2 Theoretical Questions... 9.6 Viva Questions... 9.12 Value Based Questions... 9.13 Proforma Under Financial Statement of Sole Proprietor... 9.14 Adjustments and Treatments... 9.16 Conceptual Questions (Solved)... 9.37 NCERT Questions (Solved)... 9.65 Practice Questions (Unsolved)... 9.90 Foundation Examination Questions (CA-CPT, CMA, CS)... 9.114 10. Accounting from Incomplete Records... 10.1 10.43 Summary... 10.1 Frequently Asked Questions... 10.2 Theoretical Questions... 10.3 Viva Questions... 10.7 Value Based Questions... 10.8 Proforma of Various Accounts Under Incomplete Records... 10.8 1. Statement of Affairs... 10.8 2. Conversion Method... 10.9 Conceptual Questions (Solved)... 10.12 NCERT Questions (Solved)... 10.24 Practice Questions (Unsolved)... 10.33 Foundation Examination Questions (CA-CPT, CMA, CS)... 10.41 11. Not-for-Profit Organization... 11.1 11.81 Summary... 11.1 Frequently Asked Questions... 11.2 Theoretical Questions... 11.5

(viii) Viva Questions... 11.9 Value Based Questions... 11.9 Proforma of Accounts... 11.10 Adjustments and Treatments... 11.12 Conceptual Questions (Solved)... 11.18 NCERT Questions (Solved)... 11.47 Practice Questions (Unsolved)... 11.64 Foundation Examination Questions (CA-CPT, CMA, CS)... 11.80 12. Computerized System of Accounting... 12.1 12.29 Summary... 12.1 Frequently Asked Questions... 12.2 Theoretical Questions... 12.7 NCERT Questions (Solved)... 12.22 Project Work... 1 18 Glossary... 1 5 Sample Question Papers... 1 8

PREFACE Accountancy has been thoroughly revised as per the latest CBSE syllabus and guidelines issued on the subject. As Accountancy curriculum has undergone various types of changes from time to time to integrate itself with the global accounting norms. This brings new challenges for the students to prepare themselves to have a strong base for advanced learning of the subject. Accountancy is based on functional approach of the subject and covers all the important aspects, which serves as a foundation for the Class 11 students. In order to have more clarity in accountancy and to understand the complex transactions, it will only be possible if an individual has a firm theoretical and practical understanding of the subject. This book will serve the purpose and help him to score high in their school exam as well as in professional courses exams (like CA-CPT, CMA, CS). Salient Features of the Book Summary of each topic has been mentioned in beginning to provide topic overview. Frequently Asked Questions and Theoretical Questions are arranged in chronological order for student to grip on theoretical concepts of the relevant topic. Viva Voce and Value Based Questions have been formulated for each chapter according to the latest guidelines issued by CBSE Board. Conceptual Questions, NCERT Questions and Practice Questions are arranged in chronological order to help the students for better understanding. Inclusive of Multiple Choice Questions for the students who wish to pursue Professional Courses (like CA-CPT, CMA, CS). Sample Test Papers and Glossary at the end of the book, to grip the accounting terminology. Relevant Accounting Standards have been discussed wherever students need to be made aware of the regulatory framework affecting the accounting process. Logical and effective presentation of topics creates a lot of interest while reading the book and makes it easy to understand even the complex topics. Although I have taken care and laid down all efforts to remove errors, any discrepancy which might have crept in, yet criticism or suggestions are always solicited. Thanking you in anticipation for your cooperation and I would also like to seek the valuable suggestions from faculty members so that the book could be improved further. Outstanding people have one thing in common; an absolute sense of mission. Wishing for your success.. AUTHOR (ix)

ACKNOWLEDGEMENTS The author takes the opportunity to thank gratefully the following learned and experienced teachers for sending suggestions and compliments for this book. It is our firm conviction that they will continue this process of sending their valuable suggestions in future also. Mrs. Poornima Narayan (Principal), Cambridge School, Sriniwas Puri, Delhi. Mr. P.S. Laxmi Naraynan (Head of Department of Commerce), Cambridge School, Sriniwas Puri, Delhi. Dr. Dinesh Madan, Founder and General Secretary, Commerce Teachers Foundation (Head of Department of Commerce), Navyug School, Lodhi Road, New Delhi. Mr. S.K Taneja, President, Commerce Teachers Foundation. Mrs. Kiran Agarwal (Head of Department of Commerce), Ramjas Anand Parvat, Delhi. Mrs. Vaishali Dudeja (Head of Department of Commerce), Rawal Public School. Ms. Sudesh Suryavanshi (Head of Department of Commerce), Modern School Vasant Vihar, Delhi. Dr. Praveen Kumar Taneja (Head of Department of Commerce), Indraprastha International School. Mrs. Jyotsna Tyagi (Lecturer Commerce), Ahlcon Public School. Mr. Sudhir Sapra (Design Lecturer Commerce), Sarvodaya Co Ed Sr. Secondary School, Jaidev Park, Delhi. Mrs. Vandana Lal (PGT Commerce), Maharaja Agarsen Public School, Ashok Vihar, Delhi. Mr. Inderjeet Singh Punjwaria (PGT Commerce), Dr. Radhakrishanan International School, Delhi. Mr. Gaurav Palia (PGT Commerce), DAV Centenary Public School, Paschim Enclave. Mr. Himanshu Saxena (PGT Commerce), Dharam Public School, Gr. Noida. Mr. R.K. Mahajan (PGT Commerce), ApeeJay School, Saket, Delhi. Mrs. Poornima Khanna (PGT Commerce), Kendriya Vidyalaya, Janakpuri, Delhi. Mr. Hitendra Virani (PGT Commerce), Rajkiya Pratibha Vikas Vidyalaya, Delhi. Mr. Alok Bhaskar (PGT Commerce), Amity International School, Noida. Mr. C.M. Jain (PGT Commerce), N.K Bagrodia Public School. Mrs. Shalini Arora(PGT Commerce), G.L.T Saraswati Bal Mandir, Nehru Nagar, Delhi. Mrs. Rachna Grover (PGT Commerce), Saraswati Bal Mandir, Mehrauli, New Delhi. Mrs. Manisha Bajpai (PGT Commerce), St. Mary Senior Secondary School, Paschim Vihar, Delhi. (x)

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