NCERT Solutions Class 11 Accountancy Chapter 3 Recording Of Transactions I – Here are all the NCERT solutions for Class 11 Accountancy Chapter 3. This solution contains questions, answers, images, explanations of the complete chapter 3 titled Recording Of Transactions I of Accountancy taught in Class 11. If you are a student of Class 11 who is using NCERT Textbook to study Accountancy, then you must come across chapter 3 Recording Of Transactions I. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 11 Accountancy Chapter 3 Recording Of Transactions I in one place.
NCERT Solutions Class 11 Accountancy Chapter 3 Recording Of Transactions-I
Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Accountancy for Class 11 so that you can refer them as and when required. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions.
For a better understanding of this chapter, you should also see summary of Chapter 3 Recording Of Transactions-I , Accountancy, Class 11.
| Class | 11 |
| Subject | Accountancy |
| Book | Financial Accounting Part 1 |
| Chapter Number | 3 |
| Chapter Name |
Recording Of Transactions-I |
NCERT Solutions Class 11 Accountancy chapter 3 Recording Of Transactions-I
Class 11, Accountancy chapter 3, Recording Of Transactions-I solutions are given below in PDF format. You can view them online or download PDF file for future use.
Recording Of Transactions-I
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Question & Answer
Q.1: State the three fundamental steps in the accounting process.
Ans : The fundamental steps in the accounting process are:
- Analyzing each transaction in terms of its effect on the accounts.
- Recording the transaction in journal
- Posting to individual account in the principal book, Ledger.
Q.2: Why is the evidence provided by source documents important to accounting?
Ans : The evidence provided by the source document is important because:
- It provides evidence that a transaction has actually occurred.
- It provides important and relevant information about date, amount, parties involved and other details of a particular transaction.
- It acts as a proof in the court of law.
- It helps in verifying transactions during the auditing process.
Q.3: Should a transaction be first recorded in a journal or ledger? Why?
Ans : A transaction should be recorded first in a journal as it is book of original entry. It provides complete record of each transaction in one place and links the debits and credits for each transaction. It forms the basis for posting the transactions into their respective accounts into ledger. Transactions are recorded in journal in chronological order, i.e. in the order of occurrence with the help of source documents.
Q.4: Are debits or credits listed first in journal entries? Are debits or credits indented?
Ans : The debit are listed first in Journal entries then after Credits is written in second column leaving some space. The credits entry indented to the right.
Q.5: Why are some accounting systems called double accounting systems?
Ans : Some accounting systems are called double accounting systems because according to this system every business transaction affects at least two accounts in opposite directions. If one account is debited then another account must be credited with equal amount.
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