This chapter gives us an introduction to accounting. The functions of accounting are identifying, recording, classifying, summarising, and communicating. The objectives, advantages, limitations of accounting are discussed. We get to learn about accounting terms. Check out the solutions for this chapter by Ekal Shiksha.
This chapter is about the theory base of accounting and tells us about accounting principles, their features, the need for accounting principles, and types of accounting principles. There are two systems of accounting, accrual and cash systems. Accounting standards, their need and benefits are also discussed. The solutions for this chapter are curated by Ekal Shiksha.
This chapter tells us about how to record transactions in accounting. Accounts are categorized into five types- assets, liability, capital, expenses/losses, and revenues. We learn about the rules of accounts. The process of recording transactions is called journalizing. The solutions for this chapter have answers to all NCERT questions.
This chapter tells us more about the recording of transactions and introduces us to other books of accounts, mainly the cash book, the sales and purchases books, sales return, and purchase return book. Through many illustrations given in the chapter, we understand how to pass entries in these books. The solutions for this chapter have answers to all questions given in NCERT for practice.
This chapter tells us about the bank reconciliation statement, which is prepared by taking the balance of cash or bank book and recording all transactions. This statement is prepared by the company to keep a record of all bank transactions. The solutions for this chapter will give you clarity of concepts and help you in scoring better marks.
This chapter introduces us to trial balance, which is a statement showing the balances of all ledgers. Trial balance helps us when preparing financial statements. The trial balance is made in a tabular form. The second part of this chapter tells us how to rectify accounting errors. The solutions for this chapter can help you when you are not able to solve NCERT questions.
Depreciation affects the assets of the company, and in this chapter, we learn how to show it in accounts. The straight-line method and the written-down value of depreciation are discussed in this chapter. Provision and reserves involve keeping funds aside, and this has to be shown in books of accounts. The detailed solutions for this chapter by Ekal Shiksha will help you understand these concepts better.
A number of bills of exchange are made in day-to-day business activities and it is important to know how to make them from an accounting perspective. This chapter gives us knowledge about the features, advantages, uses, and parties of bills of exchange. The solutions for this chapter by Ekal Shiksha have detailed answers to all NCERT questions.
This chapter tells us about financial statements of the company, The financial statements include trading and profit and loss, account balance, sheet notes to account, and cash flow statement. The items that come in trading and profit and loss and account are discussed briefly. This chapter tells us how to find gross profit and net profit. The solutions for this chapter have detailed answers to all NCRT questions.
This chapter is a continuation of the previous chapter. In this chapter, we learn about the adjustments that are required in financial statements. These adjustments include closing stock, outstanding expenses, prepaid expenses, accrued income, income received in advance, depreciation, bad debts, provision for doubtful debts, discount on debtors, managers Commission, and interest on capital. Check out the solutions for this chapter by Ekal Shiksha.
This chapter tells us about accounts from incomplete records. This is not a systematic method of recording transactions and is different from what we have learned in accounts until now. Some businesses prefer to maintain incomplete records as they are easier to maintain. A statement of affairs is prepared in this type of account. The solutions for this chapter by Ekal Shiksha will help you have a better understanding of the chapter.
Till now we have learned about the physical methods of accounting. This chapter introduces us to the computer system of accounting. A computer is more capable than a human in some things and it can be helpful to maintain accounts on a computer. The solutions for this chapter are curated by Ekal Shiksha.
This chapter tells us about the computerized accounting system, its advantages, and its limitations. The software used to do accounting on a computer can be ready-to-use software customized software or tailored software. The solutions for this chapter will help you in grasping the concepts of this chapter easily.