Aspire Academy

Menu
BUY COURSES.
REGISTER/ LOGIN

Class 11 Accountancy

By admin Categories: Class 11
Wishlist

Course Content

Class 11 Accountancy

  • Class 11 Accountancy – Introduction to Accountancy- Lecture 1 -loaded
    38:14
  • Class 11 Accountancy – Introduction to Accountancy- Lecture 2 -loaded
    31:12
  • Chapter 3 – Recording of Transactions Lecture 1
    32:00
  • Chapter 3 – Recording of Transactions Lecture 2
    33:11
  • Chapter 3- Recording of Transactions Lecture 3
    31:01
  • Chapter 3- Recording of Transactions Lecture 4
    32:22
  • Chapter 3- Recording of Transactions Lecture 5
    27:24
  • Chapter 3- Recording of Transactions Lecture 6
    33:45
  • Chapter 3- Recording of Transactions Lecture 7
    31:02
  • Chapter 3 – Recording of Transactions Lecture 8
    40:00
  • Chapter 3 – Recording of Transactions Lecture 9
    33:40
  • Chapter 3 – Recording of Transactions Lecture 10
    27:27
  • Chapter 3 – Recording of Transactions Lecture 11
    30:31
  • Chapter 3 – Recording of Transactions Lecture 12
    34:01
  • Chapter 3 – Recording of Transactions Lecture 13
    36:16
  • Chapter 3 – Recording of Transactions Lecture 14
    32:44
  • Chapter 3 – Recording of Transactions Lecture 15
    39:03
  • Chapter 3 – Recording of Transactions Lecture 16
    33:30
  • Chapter 3 – Recording of Transactions Lecture 17
    31:27
  • Class 11 accountancy Chapter 4 Recording of Transactions Basori 18
    00:00
  • Class 11 accountancy Recording of Transactions- Cashbook Basori
    00:00
  • Class 11 Accountancy Chapter 4 Recording of Transactions – II
    29:36
  • Class 11 accountancy Chapter 4 Recording of Transitions – II Part 4
    00:00
  • Class 11 accountancy Chapter 4 Recording of Transactions – II Part 5
    00:00
  • Class 11 Accountancy Chapter 4 Recording of Transactions – II Part 6
    00:00
  • Class 11 Accountancy Chapter 4 Recording of Transactions – II Part 7
    00:00
  • Class 11 accountancy Chapter 4 Cashbook
    00:00
  • Class 11 Accountancy Chapter 4 Cashbook Part 2
    00:00
  • Class 11 Accountancy Chapter 4 Cashbook Part 3
    00:00
  • Class 11 accountancy Chapter 4 Cashbook part 4
    00:00
  • Class 11 Accountancy MCQs based on Chapter 1 Introduction to Accounting
    33:03
  • Class 11 Accountancy Accounting for Goods and Service Tax
    28:25
  • Class 11 Accountancy Accounting for Goods and Services tax Part 2
    26:20
  • Class 11 accountancy Accounting for GST Part 3
    28:26
  • Class 11 accountancy Accounting for GST Part 4
    33:43
  • Class 11 accountancy Accounting for GST Part 5
    34:12

Exam Notes on NCERT Class 11 Accountancy – Chapter: Introduction to Accounting – Topic: Meaning of Accounting
**Exam Notes on NCERT Class 11 Accountancy - Chapter: Introduction to Accounting - Topic: Meaning of Accounting** --- ### Definition: **Accounting** is the art of recording, classifying, summarizing, analyzing, and interpreting financial transactions and events concerning a business in a manner that they can be meaningfully and systematically understood. --- ### Key Features of Accounting: 1. **Recording:** It involves the systematic documentation of business transactions. 2. **Classifying:** Organizing transactions into categories like rent, salary, sales, etc. 3. **Summarizing:** Aggregating data at the end of a particular period, for example, monthly, quarterly, or annually. 4. **Interpreting:** Analyzing the summarized data to understand the financial position and performance of the business. --- ### Objectives of Accounting: 1. **To Record Transactions:** Accounting provides a systematic record which replaces the memory of human beings. 2. **To Determine Financial Position:** Through Balance Sheets and Profit & Loss Accounts, one can ascertain the financial health of a business. 3. **To Facilitate Rational Decision-making:** Helps in making informed decisions by providing necessary financial data. 4. **To Satisfy Legal Requirements:** Maintaining accounts is mandatory under certain laws, and accounting helps in meeting this obligation. --- ### Limitations of Accounting: 1. **Based on Historical Costs:** Does not consider the current market value. 2. **Subjectivity:** It can be influenced by personal biases. 3. **Doesn’t Record Non-monetary Transactions:** Only financial transactions are recorded. --- ### Difference Between Accounting and Book-Keeping: 1. **Nature:** - **Accounting:** Broader concept that encompasses recording, classifying, summarizing, and analyzing financial data. - **Book-Keeping:** Only involves the recording phase. 2. **Objective:** - **Accounting:** To ascertain the financial position and results of operations. - **Book-Keeping:** To maintain a systematic record of financial transactions. 3. **Skills Required:** - **Accounting:** Requires special analytical skills. - **Book-Keeping:** Doesn’t require such skills, only systematic documentation. --- ### Modern Concept of Accounting: In contemporary times, accounting is not limited to just monetary transactions. It has expanded to involve other significant aspects: 1. **Social Responsibility Accounting:** Records business’s service to society. 2. **Human Resource Accounting:** Places value on human resources and their contribution to an organization. --- **Tip for Exams:** Always provide real-life examples to illustrate a point. For instance, when talking about the classification in accounting, you can mention how businesses categorize expenses into salaries, rents, utilities, etc. Remember to always check the latest NCERT textbooks or supplementary materials for updates or additional details, as syllabi can undergo revisions.

Exam Notes on NCERT Class 11 Accountancy – Chapter: Introduction to Accounting – Basic Terms in Accounting
**Exam Notes on NCERT Class 11 Accountancy - Chapter: Introduction to Accounting - Topic: Basic Terms in Accounting** --- ### 1. Transaction: **Definition:** An event involving some value between two or more entities. It can be a purchase, sale, receipt, and payment. --- ### 2. Account: **Definition:** A summarized record of all transactions related to a particular item or person. It can be tangible (like machinery) or intangible (like goodwill). --- ### 3. Capital: **Definition:** The amount invested by the owner in a business. It can be in the form of cash or assets. **Types of Capital:** - **Fixed Capital:** Invested in long-term assets. - **Working Capital:** Used for day-to-day operations. --- ### 4. Liability: **Definition:** The obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer of assets, provision of services, or other yielding of economic benefits in the future. **Types of Liabilities:** - **Long-term Liabilities:** Due after a year or more. - **Short-term Liabilities (or Current Liabilities):** Due within a year. --- ### 5. Asset: **Definition:** Resources owned by a business that have future economic value. **Types of Assets:** - **Fixed Assets:** Long-term possessions like land, buildings, machinery. - **Current Assets:** Short-term possessions like cash, stock. --- ### 6. Expenses: **Definition:** The cost incurred by a business in the process of earning revenue. **Examples:** Rent, salaries, advertising. --- ### 7. Income: **Definition:** Increases in economic benefits during an accounting period in the form of inflows or enhancements of assets or decreases of liabilities. **Examples:** Sales, commission received, rent received. --- ### 8. Debtor: **Definition:** A person or entity who owes money to the business. This usually arises because of credit sales. --- ### 9. Creditor: **Definition:** A person or entity to whom the business owes money. This can be due to goods or services received on credit. --- ### 10. Drawings: **Definition:** The amount of money or the value of goods which the proprietor withdraws for his personal use. --- ### 11. Voucher: **Definition:** A written document that serves as evidence of a transaction. It can be a cash memo, invoice, etc. --- ### 12. Ledger: **Definition:** A set of accounts. It contains all accounts of a business. Each account will have a separate page. --- ### 13. Journal: **Definition:** A book of original entry where transactions are recorded in a chronological order. --- **Tip for Exams:** While explaining terms, provide a relevant example to clarify the concept. For instance, when explaining 'Debtor', you can mention that "If XYZ Company sells goods to ABC Company on credit, then ABC Company becomes the debtor for XYZ Company." As always, refer to the latest NCERT textbook or other resources to ensure that you're up to date with any changes or additional terms introduced in the syllabus.

Exam Notes on NCERT Class 11 Accountancy: Chapter 2 – Theory Base of Accounting – Topic: Generally Accepted Accounting Principles (GAAP)
**Exam Notes on NCERT Class 11 Accountancy: Chapter 2 - Theory Base of Accounting - Topic: Generally Accepted Accounting Principles (GAAP)** --- ### 1. Meaning of GAAP: **Generally Accepted Accounting Principles (GAAP)** are common standards and procedures that accountants follow when they compile financial statements. GAAP ensures that financial reporting is transparent and consistent across all businesses. --- ### 2. Basic Accounting Concepts: #### a. Business Entity Concept: **Definition:** The business and the owner are two separate entities. Personal and business transactions should not be mixed. #### b. Going Concern Concept: **Definition:** Assumes that a business entity will continue to operate indefinitely. It justifies the recording of assets at historical cost. #### c. Money Measurement Concept: **Definition:** Only transactions that can be expressed in terms of money are recorded. #### d. Cost Concept: **Definition:** Assets are recorded at the price at which they were originally acquired and continue to be shown at that price throughout their existence. --- ### 3. Accounting Conventions: #### a. Conservatism: **Definition:** Record all losses, but do not record any gains until they are realized. #### b. Consistency: **Definition:** Ensures that the same accounting methods are used from one financial period to the next. #### c. Accrual: **Definition:** Record transactions when they occur, regardless of when the payment is made or received. #### d. Materiality: **Definition:** Information is considered material if its omission or misrepresentation can influence the economic decisions of users taken on the basis of the financial statements. --- ### 4. Other Principles: #### a. Objectivity Principle: **Definition:** Entries should be made on the basis of objective evidence, i.e., vouchers, bills, etc. #### b. Dual Aspect Principle: **Definition:** Every transaction has a dual effect, i.e., it affects at least two accounts in their respective amounts. #### c. Realization Principle: **Definition:** Revenue is recognized when the sale is made or the service is rendered, not necessarily when cash is received. #### d. Matching Principle: **Definition:** Expenses of a particular period have to be matched with the revenues of the same period. --- ### 5. Importance of GAAP: - **Uniformity:** It ensures that financial statements of companies can be compared because they follow the same set of principles. - **Reliability:** External users, like investors and creditors, can trust that the financial statements are reliable. - **Transparency:** Allows stakeholders to have a clear view of the company’s financial health. --- **Exam Tip:** When discussing GAAP in an exam, it's essential to highlight the purpose behind these principles, which is to provide a framework ensuring financial statements are accurate, consistent, and transparent. Always provide clear definitions, and if possible, offer examples for better understanding. Remember to keep track of any updates or changes in the NCERT curriculum or guidelines related to GAAP.

Exam Notes on NCERT Class 11 Accountancy: Chapter 2 – Theory Base of Accounting – Topic: Basic Accounting Concepts
**Exam Notes on NCERT Class 11 Accountancy: Chapter 2 - Theory Base of Accounting - Topic: Basic Accounting Concepts** --- ### 1. Business Entity Concept: **Definition:** This concept emphasizes that a business enterprise is distinct and separate from its owners. All business transactions are recorded and treated separately from the personal transactions of the owner(s). **Implication:** This ensures that the personal assets or liabilities of the proprietor or partners do not mix with the assets or liabilities of the business entity. --- ### 2. Going Concern Concept: **Definition:** It's assumed that the business entity will continue its operations for an indefinite period in the future unless there's evidence to the contrary. **Implication:** This justifies the basis for showing assets at their historical cost (or book value) instead of liquidation value. --- ### 3. Money Measurement Concept: **Definition:** This concept states that only those transactions and events which are of a financial character can be measured in terms of money and thus, can be recorded in the books of accounts. **Implication:** Non-monetary information like the skill of a company’s management, reputation, etc., is not recorded in the accounts. --- ### 4. Cost Concept: **Definition:** According to this concept, an asset is recorded at the price at which it is acquired, and this cost is the basis for all subsequent accounting for the asset. **Implication:** It does not mean that the asset will always appear at its cost in the balance sheet year after year. For instance, depreciation may be written off the asset, reducing its book value. --- ### 5. Dual Aspect Concept: **Definition:** Every business transaction has a dual effect. For every debit, there is an equal and opposite credit. The total of assets should always be equal to the total of liabilities. **Implication:** This concept is the core of the double-entry bookkeeping system where every debit has a corresponding credit. --- ### 6. Accrual Concept: **Definition:** According to the accrual concept, transactions are recorded in the books of accounts at the time when they occur and not when cash is received or paid. **Implication:** It helps in ascertaining the actual profit or loss of a business, which in a cash basis would not be possible. --- ### 7. Realization Concept: **Definition:** Revenue from any business transaction is considered to have been 'realized' when cash has been received, or right to receive cash on the sale of goods or services has been created. **Implication:** Profits are to be recognized only when they are realized, not when they are just expected. --- ### 8. Matching Concept: **Definition:** The concept implies that for the correct ascertainment of profit or loss for a period, expenses incurred in that period should be matched with the revenue of the same period. **Implication:** This concept necessitates making necessary adjustments for outstanding expenses and incomes or for prepaid expenses and unearned incomes. --- **Exam Tip:** When explaining these concepts, try to provide simple examples to illustrate each point for better understanding. Always ensure that you understand the underlying reason for each concept, as it aids in answering application-based questions.

Exam Notes on NCERT Class 11 Accountancy: Chapter 2 – Theory Base of Accounting – Topic: Accounting Standards
**Exam Notes on NCERT Class 11 Accountancy: Chapter 2 - Theory Base of Accounting - Topic: Accounting Standards** --- ### 1. Introduction to Accounting Standards: **Definition:** Accounting Standards are the policy documents or written statements that consist of uniform accounting policies, which help in the standardization of various practices and procedures in accounting. **Purpose:** The primary purpose is to ensure transparency, reliability, consistency, and comparability of financial statements. --- ### 2. Need for Accounting Standards: - **Uniformity in Accounting:** To standardize the diverse accounting policies and practices. - **Comparability:** Enables users to compare financial statements of different enterprises. - **Reliability:** Builds trust and faith in the financial statements among various users. - **Transparency:** Ensures that financial statements reflect a true and fair view of the financial performance and position of an enterprise. --- ### 3. Features of Accounting Standards: - **Written Documents:** Formulated in written form for better understanding and proper compliance. - **Uniform Criteria:** Ensures that accounting tasks are performed following a consistent and uniform process. - **Mandatory Compliance:** It's mandatory for the concerned entities to adhere to the standards. - **Issued by Recognized Accountancy Body:** In India, the Institute of Chartered Accountants of India (ICAI) formulates these standards. --- ### 4. Limitations of Accounting Standards: - **Not a Substitute for Law:** They only provide a framework for accounting. - **Multiple Interpretations:** Different accountants might interpret standards differently. - **Difficulty in Formulation:** Due to the complexity of modern-day business transactions. - **Not Always Updated:** Rapid changes in the business world may not be immediately reflected in the standards. --- ### 5. Accounting Standards in India: - **Issuing Body:** In India, the ICAI is responsible for formulating and issuing accounting standards. - **Mandatory Nature:** Companies in India are legally required to follow the accounting standards prescribed by ICAI. - **Convergence with IFRS:** India is progressively aligning its standards with International Financial Reporting Standards (IFRS) to ensure consistency with global accounting practices. --- ### 6. Importance of Accounting Standards: - **Confidence Building:** They build confidence among various stakeholders in the authenticity of financial statements. - **Consistent Practices:** Help in the standardization of diverse accounting policies and practices. - **Basis for Statutory Audit:** Auditors refer to these standards while conducting the statutory audit of companies. - **Global Integration:** Alignment with global standards paves the way for the integration of Indian businesses with global businesses. --- **Exam Tip:** Understanding the role and importance of accounting standards is crucial. They act as guidelines for accountants and auditors to follow while preparing and auditing financial statements. Being aware of the issuing bodies and the process of standard formulation can be useful in contextualizing their importance in the real world.

Exam Notes on NCERT Class 11 Accountancy: Chapter 3 – Recording of Transactions – Topic: Rules of Credit and Debit
**Exam Notes on NCERT Class 11 Accountancy: Chapter 3 - Recording of Transactions - Topic: Rules of Credit and Debit** --- ### 1. Introduction: The process of recording transactions involves understanding which account to debit and which to credit. The rules of debit and credit vary based on the nature of the account. --- ### 2. Types of Accounts: **a. Personal Account:** - Related to individuals, firms, and companies. - **Debit Rule:** Debit the receiver. - **Credit Rule:** Credit the giver. **b. Real Account:** - Concerned with properties or assets. - **Debit Rule:** Debit what comes in. - **Credit Rule:** Credit what goes out. **c. Nominal Account:** - Pertains to incomes, expenses, gains, and losses. - **Debit Rule:** Debit all expenses and losses. - **Credit Rule:** Credit all incomes and gains. --- ### 3. Application of the Rules: **a. Personal Account Examples:** - Mr. A’s Account, ABC Ltd. Account. - If Mr. A provides a loan, then Mr. A's Account is credited (Credit the giver). - If Mr. A receives a loan, then Mr. A's Account is debited (Debit the receiver). **b. Real Account Examples:** - Machinery Account, Building Account. - When machinery is purchased, Machinery Account is debited (Debit what comes in). - When machinery is sold, Machinery Account is credited (Credit what goes out). **c. Nominal Account Examples:** - Rent Account, Salary Account, Commission Received Account. - If rent is paid, Rent Account is debited (Debit all expenses). - If commission is received, Commission Received Account is credited (Credit all incomes). --- ### 4. Importance of the Rules: - **Accuracy:** Ensures accurate recording of transactions. - **Consistency:** Facilitates uniformity in the recording process. - **Understanding Financial Position:** By correctly classifying and recording, the true financial position of the organization can be understood. - **Basis for Financial Statements:** Accurate application of these rules forms the foundation for preparing the final accounts. --- ### 5. Modern Approach: While the traditional approach focuses on the nature of accounts, the modern approach is based on the type of transaction and its impact on the financial position of the entity. - **Assets:** Increase (Debit), Decrease (Credit) - **Liabilities:** Decrease (Debit), Increase (Credit) - **Equity:** Decrease (Debit), Increase (Credit) - **Income/Revenue:** Decrease (Debit), Increase (Credit) - **Expenses:** Increase (Debit), Decrease (Credit) --- **Exam Tip:** Focus on understanding the rationale behind each rule, rather than rote memorization. Practical application through exercises and problems will help solidify understanding and improve recall during exams. Always consider the nature of the account before deciding whether to debit or credit.

Looking for the best coaching experience in the Northeast? Join our Aspire Academy and unlock your full potential. Our experienced teachers and personalized approach will help you achieve academic success and personal growth like never before. Don’t miss out on this opportunity to excel!

Quick Links

Social Icons

Facebook Youtube Instagram

Fill your information

We will contact you