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DK Goel Solutions Class 11 Chapter 7 Double Entry System

DK Goel Solutions Class 11 Chapter 7 Double Entry System as per latest DK Goel Book available for free. Download now<br><br>https://dkgoelsolutions.com/class-11/chapter-7-double-entry-system/

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DK Goel Solutions Class 11 Chapter 7 Double Entry System

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  1. DK Goel Solutions Class 11 Chapter 7 Double Entry System DK Goel Accountancy Class 11 Solutions Chapter 7 Double Entry System which is illustrated by master Accountancy educators from the most recent adaptation of DK Goel Class 11 Accountancy books. We at DKGoelSolution'S give DK Goel Solutions to help students to grasp every one of the hypotheses specifically. There are various ideas in Accountancy, yet the ideas of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required. DK Goel Accountancy Class 11 Solutions – Chapter 7 Very Short Questions Question 1 What is the double-entry system of book-keeping? Solution: The double-entry system is an accounting system which affects at least two accounts simultaneously with every transaction. Two such examples are debit and credit account.

  2. Question 2 State two type of accounts Solution: The two types of accounts are. (i) Personal account (ii) Real account (iii) Nominal account Question 3 What are the personal account? Solution: The account which is linked to a single company, institution, or a firm is known as a personal account. Question 4 What are the real account? Solution: These are accounts whose value is estimated in money and the business properties are known as a real account. Few examples are furniture account, cash account, etc. Question 5 What are the nominal account? Solution: All the accounts which are only mentioned but does not really exist is known as nominal account. For instance expense and income account. Question 6 What are a natural personal account? Give an example. Solution: ‘Natural Personal Account’ means all the account linked to a human being. Such as Priya’s account. Question 7 What are artificial personal accounts? Give an example. Solution: These accounts do not have a physical existence, such as human being, but are considered as a personal account. For example, a company’s account. Question 8 What are representative personal accounts? Give an example. Solution: 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: The rule of recording transactions in a personal account is depicting debitor as receiver and creditor as a giver. Question 10 What is the rule of recording transactions in a real account?

  3. Solution: The rule of recording transactions in a personal account is recording debit as what comes in and credit as what goes out. Question 11 What is the rule of recording transactions in a nominal account? Solution: The rule of recording transactions in a personal account is recording debit as losses and expenses and credit as gains ans income. Practical Questions Question 1 Classify the following accounts under personal, real or nominal accounts: (i) Commission Paid (iv) Prepaid Salaries (iii) Commission Accrued (vi) Discount Allowed (v) Leasehold Property A/c (viii) Life Insurance Corporation of India (vii) Carriage Inwards A/c (x) Rent Received in Advance (ix) Drawings A/c (xii) Sales A/c (xi) Debtors (xiv) Bank Overdraft (xii) Rent Paid in Advance (ii) Commission Received Solution: Personal Account Real Account Nominal Account

  4. (iii) Commission Accrued (v) Leasehold Property (i) Commission Paid A/c (iv) Prepaid Salaries (ii) Commission Received (viii) Life Insurance (vi) Discount Allowed (ix) Drawings A/c (vii) Carriage Inwards Account (x) Rent Received in Advance (xii) Sales A/c (xi) Debtors (xii) Rent Paid in Advance (xiv) Bank Overdraft 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 Solution Personal Account Real Account Nominal Account

  5. 1. Capital 3. Cash paid 5. Commission Paid 2. Drawings 4. Cash 6. Commission Received 7. Purchases Received A/c 11. Bank A/c 9. Furniture 8.Sales A/c 12. Bank Overdraft 10. Cash A/c 15. Travelling Expenses 13. Debtors A/c 16. Goodwill 18. Salary A/c 14. Creditors A/c 17. Patents 20. Insurance A/c 19. Salary Outstanding A/c 22. Bad Debts are written off 21. Insurance Prepaid 23. Bad Debts Recovered A/c Download Free study materials for your Examinations at DKgoelSolution

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