Topic: How to prepare for the class 11 accountancy exam with DK Goel Solutions

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Topic: How to prepare for the class 11 accountancy exam with DK Goel Solutions

Students of Class 11 will be new to the subject of Accountancy. Hence, the first impression may be easy or complex; it completely depends on understanding and comprehending the concepts in the subject. Hence, every student should start to learn right from the basics and it is the requirement too!

The best way to learn everything and learn smart is to start with textbooks. Because every concept is explained in detail and the solutions are given chapter-wise. It becomes easy for the accountancy students to learn from it, as this assists students in comprehending the entire theory part. 

To start with, DK Goel Accountancy Class 11 Solutions will guide the students to understand everything they need to know. As this book is outlined with the help of scholars and subject matter experts, this could be a great benefit to CBSE students while they work on their assignments and prepare for the examinations. 

Why consider DK Goel Solutions for Class 11 Accountancy?

There are several benefits of using Goel solutions for Class 11, some of them are, 

  • It is up-to-date with the CBSE syllabus
  • Answers are outlined by subject matter experts
  • Answers are solved in a chapter-wise manner. 
  • The highlight is made if it is an important concept for the exam. 
  • Everyone can learn the concepts with ease.
  • Solutions are given in detail for every question. 
  • Free of cost.

Some strategies to follow during the preparation:-

There are five necessary steps that you have to take for scoring well in the Class 11 Accountancy exam.

  1. Never ignore the concept: – It is important to understand every concept, definition, example, and meaning of every concept. These will create a strong foundation as you study more. If a student always concentrates on solving sums rather than the concept, then he\she is starting to fall into prey. Whenever you take up to study Accountancy, ensure you are strong with the base. 
  2. Solve equations, answers:-

Once you are all set with the concepts, you can start with solving simple sums and go with complex ones. This will not only help you to understand the concept but also help in predicting sums in final exams.  

  1. Practicing previous year papers are the key:-

By the time of having basic knowledge of all the concepts, start to solve previous year papers. This helps the students have a deep idea about the actual exam scenario. By this, students get to know about, 

  • How marks are distributed
  • What are the topics covered in the paper
  • What are those commonly asked questions from the question paper? 

Now, let’s look at every chapter covered in DK Goel Accountancy Class 11 Solutions. There are 27 chapters. Let’s look at the core concepts in each chapter. 

  1. Meaning and Objectives of Accounting:-

Accountancy is all about the methods of collecting, interpreting, reporting, and summarizing financial transactions. Accountancy is also known as “financial language”. In this chapter in DK Goel Accountancy, students get brief understandings on,

  • Debtors
  • Cash discount
  • Profit and loss
  • Financial statement
  • Balance sheet. 
  1. Basic accounting expressions:-

This chapter includes terms like

  • Profit
  • Revenue
  • Fixed and current assets
  • Revenue expenditure and so on. 
  1. Accounting principles:-

This gives a brief understanding of, 

  • Separate legal entity
  • Accounting equation
  • Accounting principles and characteristics.
  1. Process and bases of Accounting:-

This chapter deals with 

  • Cash basis of accounting and 
  • Accrual basis of accounting. 
  1. Accounting standards and IFRS:-

This chapter deals with norms that dictate the company’s drafting of financial statements. This chapter is completely based on accounting standards.

  1. Accounting equations:-

This chapter comprises equations of accounting and problems based on it. 

  1. Double-entry system:-

This chapter deals with book-keeping where the double denotes the two accounts getting affected at the same time. 

  1. Origin of Transactions:-

This chapter denotes the document sources. These are the first recording instruments in a financial transaction. 

  1. Journal:-

Journal is a book of entering all the transactions of a firm’s financial activities. These actions are recorded in chronological order. Also, this is the first type of book where financial transactions are recorded. 

  1. Accounting for GST:-

This chapter denotes the firm’s payment on supplying goods and services. This tax includes customs duty and excise duty. By the end of learning this chapter, you will completely learn about how GST accountings are done. 

  1. Cashbook:

In this chapter, there are 31 sums to work out. DK Goel solutions provide detailed answers for all the sums in this chapter. 

  1. Special purpose subsidiary books:- 

This chapter consists of numerous problems that are based on subsidiary book posting transactions.  

  1. Ledger

This chapter too has numerous problems based on the ledger. 

  1. Trial balance and errors

This chapter includes credit and debit balance recordings. These are called trial balances. 

  1. Reconciliation statements:- 

This chapter helps students to learn about bank reconciliation statements. 

  1. Depreciation:-

Students will know about calculating depreciation based on asset values. 

  1. Provisions & reserves:-

This chapter helps the aspirants to know about the amount retained through renewal, depreciation, and devaluation. 

  1. Bills Exchange:-

Students can refer to problems in this chapter while preparing for the topics like discounting charges, interests, etc.

  1. Errors rectification:-

In this chapter, DK Goel’s accountancy solutions pave the way to derive accurate and mistake-free solutions for 39 sums. 

  1. Capital, revenue:-

Concepts like 

  • Capital and 
  • Revenue expenditure
  • Differences between them have been explained. 
  1. Financial statements:-

Concepts of

  • Cost calculation of sold goods
  • Purchase adjustments
  • Direct purchase
  • Gross profit
  • Value of sales etc. has been defined. 
  1. Financial statements – Adjustments:-

In this chapter, students will know about finding various values in financial statements by adjusting them. 

  1. Accounts of Unfinished records:-

This chapter of DK Goel has numerical problems with apt solutions. 

  1. Introduction to Computers:-

In this chapter, a brief of 

  • How computer works
  • Components 
  • Hardware
  • Software etc. is introduced. 
  1. Introduction – Accounting Information System:-

This chapter explains the distinct purposes of an accounting information system. 

  1. Computerized Accounting system:-

Like combining computers with an accounting system, this chapter explains how computers are different from manual.

  1. Tally – Accounting software package:

This chapter describes the features of Tally software. 

Conclusion:-

To ace Accountancy, every student should do endless practice along with sincere dedication.