D K Goel’s New ISC Accountancy – Class 11 – ICSE- Solution is a comprehensive guidebook designed for students who are studying accountancy at the Indian School Certificate (ISC) level. The book is authored by D K Goel, a renowned name in the field of commerce education in India. The book provides a step-by-step approach to solving accountancy problems and is a valuable resource for students preparing for the ISC examination.
Salient Features of D K Goel’s New ISC Accountancy – Class 11 – ICSE- Solution
The book covers all the important topics in accountancy that are included in the ISC syllabus. Some of the key features of the book are:
- Clear and Concise Explanations: The book provides clear and concise explanations of all the concepts covered in the ISC syllabus. The language used is easy to understand, and the examples provided are relevant and practical.
- Comprehensive Coverage: The book covers all the topics included in the ISC syllabus, including accounting principles, partnership accounts, company accounts, and analysis of financial statements.
- Step-by-Step Approach: The book provides a step-by-step approach to solving accountancy problems, making it easy for students to follow and understand.
- Practice Questions: The book includes a large number of practice questions, including previous years’ ISC examination questions. This helps students to test their knowledge and prepare for the examination.
- Solutions: The book provides solutions to all the practice questions, making it easier for students to check their answers and understand the concepts.
- Illustrations: The book includes illustrations and diagrams that help to explain the concepts visually, making it easier for students to understand and remember.
Conclusion
In conclusion, D K Goel’s New ISC Accountancy – Class 11 – ICSE- Solution is a valuable resource for students preparing for the ISC examination. With its comprehensive coverage, clear explanations, step-by-step approach, and practice questions, the book helps students to understand the concepts and prepare effectively for the examination. The book is highly recommended for students who want to achieve success in their accountancy exams.
D K Goel – New ISC Accountancy – Class 11 – ICSE- Solution
We have provided the chapter-wise solution of all practical problems of D K Goel – New ISC Accountancy – Class 11 – ISC with the animated explanation. The DK goel solutions class 11 for ISC board we are the only one who providing these solutions for free of cost. These are shown as follows: –
To access solutions for all questions across all chapters, simply click on the name of the desired chapter.
Chapter 1 Evolution of Accounting & Basic Accounting Terms
Chapter 1 of the book “D K Goel – New ISC Accountancy – Class 11 – ICSE – Solution” is titled “Evolution of Accounting & Basic Accounting Terms.” This chapter provides a comprehensive overview of the evolution of accounting and introduces readers to the basic accounting terms and concepts. It begins with a brief history of accounting, tracing its origins from ancient civilizations to the modern-day. The chapter then goes on to explain the importance of accounting in the business world and discusses the different types of accounting, such as financial accounting and management accounting. The author also introduces the fundamental accounting concepts, including assets, liabilities, equity, revenue, and expenses, and explains how these concepts are used to record and analyze business transactions. Overall, Chapter 1 sets the foundation for the rest of the book by providing readers with a solid understanding of the history and basic principles of accounting.
Chapter 2 Accounting Equations
Chapter 2 of the book “D K Goel – New ISC Accountancy – Class 11 – ICSE – Solution” is titled “Accounting Equations”. This chapter builds upon the basic accounting concepts introduced in Chapter 1 and explains the accounting equation, which is the cornerstone of accounting. The author explains that the accounting equation represents the relationship between a company’s assets, liabilities, and equity, and how changes to one element of the equation affect the others. The chapter also covers the different types of transactions that affect the accounting equation, such as buying and selling goods on credit, paying expenses, and receiving payments. Through detailed examples and exercises, the author demonstrates how to use the accounting equation to prepare financial statements, such as the balance sheet and income statement. Overall, Chapter 2 provides readers with a thorough understanding of the accounting equation and its practical applications in accounting.
Chapter 3 Meaning and Objectives of Accounting
Chapter 3 of the book “D K Goel – New ISC Accountancy – Class 11 – ICSE- Solution” deals with the fundamental concepts of accounting, namely the meaning and objectives of accounting. The chapter explains the importance of accounting in business and highlights the different stakeholders who rely on accounting information for decision-making. It also introduces the various objectives of accounting, such as recording, classifying, and summarizing financial transactions, and communicating financial information to interested parties. Furthermore, the chapter discusses the different branches of accounting and the role of accounting standards in ensuring consistency and transparency in financial reporting. Overall, this chapter provides a comprehensive understanding of the basic concepts and objectives of accounting, which is essential for anyone interested in the field of finance and accounting.
Chapter 4 Double Entry System
Chapter 4 of the book “D K Goel – New ISC Accountancy – Class 11 – ICSE- Solution” focuses on the Double Entry System of accounting. This chapter explains the fundamental principles behind the double entry system and how it is used to record financial transactions. The chapter begins by introducing the concept of debits and credits, and how they are used to record transactions in the ledger accounts. It then goes on to explain the rules governing the double entry system, such as the accounting equation and the principle of duality. Furthermore, the chapter discusses the different types of accounts, such as personal, real, and nominal accounts, and how they are used in the double entry system. Finally, the chapter provides several examples to illustrate the application of the double entry system in recording transactions. Overall, this chapter is essential for anyone interested in learning about accounting, as the double entry system is the foundation upon which all accounting is built.
Chapter 5 Books of Original Entry – Journal
Chapter 5 of the book “D K Goel – New ISC Accountancy – Class 11 – ICSE- Solution” is dedicated to explaining the Books of Original Entry, with a focus on the Journal. The chapter begins by defining the Books of Original Entry and their importance in the accounting process. It then proceeds to explain the Journal and its purpose in recording financial transactions. The chapter provides a detailed explanation of the format and rules for recording transactions in the Journal, including the use of debit and credit entries. It also discusses the various types of entries that can be recorded in the Journal, such as cash transactions, credit transactions, and goods purchased on credit. Furthermore, the chapter provides several examples to illustrate the proper use of the Journal in recording transactions. Overall, this chapter is essential for anyone interested in learning about accounting, as the Journal is one of the most important books of original entry used in the accounting process.
Chapter 6 Accounting for Goods and Service Tax (GST)
Chapter 6 of the book “D K Goel – New ISC Accountancy – Class 11 – ICSE- Solution” deals with the concept of Goods and Service Tax (GST) and its accounting treatment. The chapter begins by explaining the meaning and purpose of GST, which is a comprehensive tax levied on the supply of goods and services. It then goes on to discuss the different types of GST, such as CGST, SGST, and IGST, and their respective rates. The chapter also explains the GST registration process and the importance of GST compliance for businesses. Furthermore, the chapter provides a detailed explanation of the accounting treatment of GST, including the calculation of GST payable, the recording of GST transactions in the books of accounts, and the filing of GST returns. The chapter also provides several examples to illustrate the proper accounting treatment of GST. Overall, this chapter is essential for anyone interested in understanding the accounting implications of GST, which is an important tax regime in India.
Chapter 7 Books of Original Entry – Cash Book
Chapter 7 of the book “New ISC Accountancy – Class 11” by D.K. Goel introduces the concept of Cash Book, which is one of the most important books of original entry in accounting. The chapter covers the purpose and format of a cash book, which is used to record all cash transactions of a business. The author explains the different types of cash books such as single column cash book, double column cash book, and triple column cash book, along with their respective advantages and disadvantages. The chapter also includes various illustrations and examples to help students understand the practical application of cash book in accounting. Overall, this chapter provides a comprehensive understanding of the cash book and its importance in maintaining accurate financial records of a business.
Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books
Chapter 8 of the book “New ISC Accountancy – Class 11” by D.K. Goel introduces the concept of Special Purpose Subsidiary Books, which are used to record specific types of transactions in accounting. The chapter covers various types of subsidiary books such as purchase book, sales book, purchase return book, sales return book, and journal proper. The author explains the purpose and format of each of these books, along with their advantages and disadvantages. The chapter also includes various illustrations and examples to help students understand the practical application of subsidiary books in accounting. Overall, this chapter provides a comprehensive understanding of the subsidiary books and their importance in maintaining accurate financial records of a business. It also lays the foundation for more complex accounting concepts that students will encounter in higher classes.
Chapter 9 Ledger
Chapter 9 of the book “New ISC Accountancy – Class 11” by D.K. Goel covers the concept of Ledger, which is an important component of accounting. The chapter explains the purpose and format of a ledger and its importance in maintaining accurate financial records of a business. The author also discusses the different types of ledgers such as sales ledger, purchase ledger, and general ledger, which are used to record specific types of transactions. The chapter includes various illustrations and examples to help students understand the practical application of the ledger in accounting. It also covers the process of posting transactions from subsidiary books to the ledger and the importance of maintaining the accuracy of ledger accounts. Overall, this chapter provides a comprehensive understanding of the ledger and its role in the accounting process. It is an essential chapter for students who wish to pursue a career in accounting or finance.
Chapter 10 Trial Balance and Errors
Chapter 10 of the book “New ISC Accountancy – Class 11” by D.K. Goel covers the concept of Trial Balance and Errors, which are important aspects of accounting. The chapter explains the purpose and format of a trial balance and its importance in verifying the accuracy of the ledger accounts. The author also discusses the different types of errors such as errors of omission, errors of commission, errors of principle, and compensating errors, which may occur during the accounting process. The chapter includes various illustrations and examples to help students understand the practical application of trial balance and error detection in accounting. It also covers the process of rectifying errors and the impact of error rectification on the financial statements. Overall, this chapter provides a comprehensive understanding of trial balance and error detection and rectification, which are essential for maintaining accurate financial records of a business. It is an important chapter for students who wish to pursue a career in accounting or finance.
Chapter 11 Bank Reconciliation Statement
Chapter 11 of the book “New ISC Accountancy – Class 11” by D.K. Goel covers the concept of Bank Reconciliation Statement (BRS), which is an important aspect of accounting for businesses that maintain bank accounts. The chapter explains the purpose and format of a BRS and its importance in verifying the accuracy of bank transactions recorded in the cash book and the bank statement. The author also discusses the reasons for differences between the cash book balance and the bank statement balance, such as outstanding checks, deposits in transit, bank charges, and interest. The chapter includes various illustrations and examples to help students understand the practical application of BRS in accounting. It also covers the process of preparing BRS and the impact of reconciling items on the cash book and the bank statement. Overall, this chapter provides a comprehensive understanding of BRS, which is essential for maintaining accurate financial records of a business that maintains bank accounts. It is an important chapter for students who wish to pursue a career in accounting or finance.
Chapter 12 Depreciation
Chapter 12 of the book “New ISC Accountancy – Class 11” by D.K. Goel covers the concept of Depreciation, which is an important aspect of accounting for businesses that own fixed assets. The chapter explains the meaning and importance of depreciation, which is the systematic allocation of the cost of a fixed asset over its useful life. The author also discusses the different methods of calculating depreciation, such as straight-line method, diminishing balance method, and annuity method, along with their advantages and disadvantages. The chapter includes various illustrations and examples to help students understand the practical application of depreciation in accounting. It also covers the impact of depreciation on the financial statements and the process of recording depreciation in the books of accounts. Overall, this chapter provides a comprehensive understanding of depreciation, which is essential for maintaining accurate financial records of a business that owns fixed assets. It is an important chapter for students who wish to pursue a career in accounting or finance.
Chapter 13 Bills of Exchange
Chapter 13 of the book “New ISC Accountancy – Class 11” by D.K. Goel covers the concept of Bills of Exchange, which are important financial instruments used in business transactions. The chapter explains the meaning and importance of bills of exchange, which are written orders to pay a certain amount of money on a specific date in the future. The author also discusses the different parties involved in a bill of exchange, such as the drawer, the drawee, and the payee, and their respective roles and responsibilities. The chapter includes various illustrations and examples to help students understand the practical application of bills of exchange in accounting. It also covers the process of recording bills of exchange in the books of accounts and the impact of bills of exchange on the financial statements. Overall, this chapter provides a comprehensive understanding of bills of exchange, which is essential for maintaining accurate financial records of a business that deals with such financial instruments. It is an important chapter for students who wish to pursue a career in accounting or finance.
Chapter 14 Generally Accepted Accounting Principles(GAAP)
Chapter 14 of the book “New ISC Accountancy” by D.K. Goel covers the topic of Generally Accepted Accounting Principles (GAAP). GAAP is a set of standard accounting rules and procedures that are widely accepted and followed by businesses and other organizations. The chapter explains the importance of GAAP in ensuring consistency and accuracy in financial reporting, and discusses the different principles that make up GAAP, such as the principle of conservatism, the principle of materiality, and the matching principle. The chapter also delves into the role of various regulatory bodies, such as the Securities and Exchange Board of India (SEBI) and the Institute of Chartered Accountants of India (ICAI), in setting and enforcing GAAP standards. Overall, this chapter provides a comprehensive overview of GAAP and its significance in the field of accounting.
Chapter 15 Bases of Accounting
Chapter 15 of the book “New ISC Accountancy” by D.K. Goel covers the topic of Bases of Accounting. This chapter provides a detailed explanation of the different methods and principles used by businesses to record their financial transactions. The chapter discusses various bases of accounting, such as cash basis accounting and accrual basis accounting, along with their advantages and disadvantages. It also explains the concept of accounting standards and the role of the Institute of Chartered Accountants of India (ICAI) in developing and implementing these standards. The chapter goes on to explore the significance of choosing an appropriate basis of accounting and how it affects the financial reporting of a business. Overall, this chapter provides a comprehensive understanding of the various bases of accounting and their importance in financial reporting.
Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
Chapter 16 of the book “New ISC Accountancy” by D.K. Goel covers the topic of Accounting Standards and International Financial Reporting Standards (IFRS). This chapter provides a detailed explanation of the importance of accounting standards in ensuring consistency and accuracy in financial reporting. It discusses the different accounting standards that are recognized globally, such as the Indian Accounting Standards (Ind AS) and the International Financial Reporting Standards (IFRS). The chapter also covers the convergence of Indian accounting standards with IFRS and the changes that have been made in the Indian accounting system as a result. Additionally, it explores the challenges and benefits of adopting IFRS for companies, and the role of regulatory bodies in enforcing accounting standards. Overall, this chapter provides a comprehensive overview of accounting standards and their significance in the field of accounting, highlighting the importance of consistent and accurate financial reporting.
Chapter 17 Capital and Revenue
Chapter 17 of the book “New ISC Accountancy” by D.K. Goel covers the topic of Capital and Revenue. This chapter provides a detailed explanation of the distinction between capital and revenue expenditures in accounting. It discusses the various characteristics of capital and revenue items, such as their nature, frequency, and purpose. The chapter also explains the concept of deferred revenue expenditure and its treatment in accounting. Additionally, it delves into the concept of capital and revenue receipts and their treatment in financial statements. The chapter also covers the different methods of charging depreciation on capital assets and their significance in financial reporting. Overall, this chapter provides a comprehensive understanding of the difference between capital and revenue items and their treatment in accounting, which is essential for accurate financial reporting.
Chapter 18 Provisions and Reserves
Chapter 18 of the book “New ISC Accountancy” by D.K. Goel covers the topic of Provisions and Reserves. This chapter provides a detailed explanation of the accounting treatment of provisions and reserves in financial statements. It discusses the various types of provisions, such as provision for doubtful debts, provision for taxation, and provision for contingencies, along with their significance in financial reporting. The chapter also covers the concept of reserves, such as general reserve, specific reserve, and capital reserve, and their treatment in financial statements. Additionally, it explains the difference between provisions and reserves and how they are created and utilized in accounting. The chapter also highlights the importance of maintaining adequate reserves for financial stability and growth. Overall, this chapter provides a comprehensive understanding of provisions and reserves in accounting, which is essential for accurate financial reporting and decision-making.
Chapter 19 Final Accounts
Chapter 19 of the book “New ISC Accountancy” by D.K. Goel covers the topic of Final Accounts. This chapter provides a detailed explanation of the preparation of final accounts, which includes the trading account, profit and loss account, and balance sheet. The chapter discusses the purpose and significance of each of these accounts, and the items that are included in them. It also highlights the importance of preparing final accounts accurately and in a timely manner for effective financial management. Additionally, the chapter covers the different formats used for preparing final accounts, such as horizontal and vertical formats, along with their advantages and disadvantages. The chapter also delves into key concepts such as closing stock valuation, depreciation, and adjustments. Overall, this chapter provides a comprehensive understanding of final accounts and their importance in financial reporting, which is essential for effective financial management and decision-making.
Chapter 20 Final Accounts – With Adjustments
Chapter 20 of the book “New ISC Accountancy” by D.K. Goel covers the topic of Final Accounts with Adjustments. This chapter provides a detailed explanation of the process of preparing final accounts with adjustments, which includes adjustments for outstanding expenses, prepaid expenses, accrued income, and unearned income. The chapter discusses the purpose and importance of each of these adjustments, along with their treatment in financial statements. Additionally, the chapter covers the concept of closing stock valuation and its impact on the final accounts. It also highlights the importance of accurately computing depreciation for fixed assets, and the different methods used for the same. The chapter also covers the concept of bad debts and their treatment in financial statements. Overall, this chapter provides a comprehensive understanding of final accounts with adjustments and their importance in financial reporting, which is essential for effective financial management and decision-making.
Chapter 21 Errors and their Rectification (Coming soon)
Chapter 21 of the book “New ISC Accountancy” by D K Goel deals with the topic of errors and their rectification. Errors are an inevitable part of accounting and can occur due to various reasons such as incorrect recording of transactions, mathematical mistakes, and errors in judgment. It is important to identify and rectify these errors to ensure the accuracy of financial statements. The chapter explains the different types of errors and the methods to rectify them, such as the use of suspense account, journal entry, and rectification account. The chapter also provides practical examples to help students understand the concept better. Overall, this chapter is essential for students to gain a comprehensive understanding of the accounting process and to develop the necessary skills to identify and rectify errors in financial statements.
Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
Chapter 22 of the book “New ISC Accountancy” by D K Goel deals with the topic of accounts from incomplete records, specifically the single entry system. The single entry system is a method of bookkeeping where only one aspect of a transaction is recorded, either the receipt or payment of cash. This method is commonly used by small businesses and individuals who do not have the resources to maintain a full-fledged double entry system. The chapter explains the different types of single entry systems such as the cash book system and the statement of affairs system. It also provides detailed examples and illustrations to help students understand the recording and preparation of financial statements under the single entry system. Overall, this chapter is essential for students to gain a comprehensive understanding of the single entry system and its applications, which will enable them to handle accounts from incomplete records more efficiently.
Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
Chapter 23 of the book “New ISC Accountancy” by D K Goel deals with the topic of accounts of not-for-profit organizations. Not-for-profit organizations are entities that are set up with the objective of serving a social cause or providing a service to the community, rather than making a profit. The chapter explains the different types of not-for-profit organizations such as trusts, societies, and associations, and the legal and accounting requirements for their operations. It also covers the accounting principles and practices specific to not-for-profit organizations, such as the receipt and utilization of donations, preparation of income and expenditure account and balance sheet, and treatment of surplus and deficit. The chapter provides practical examples and case studies to help students understand the concepts better. Overall, this chapter is essential for students to gain a comprehensive understanding of the accounting principles and practices specific to not-for-profit organizations, which will enable them to handle the accounts of such organizations more efficiently.
Chapter 24 Computerised Accounting System (Coming soon)
Chapter 24 of the book “New ISC Accountancy” by D K Goel deals with the topic of computerised accounting systems. With the rapid advancement of technology, computerised accounting systems have become an integral part of modern-day accounting. The chapter explains the different types of computerised accounting systems and their advantages over manual systems, such as increased efficiency, accuracy, and speed of processing. It also covers the various modules of a computerised accounting system, such as sales, purchases, inventory, and payroll. The chapter provides practical examples and step-by-step instructions on how to use popular accounting software such as Tally and QuickBooks. It also highlights the importance of data security and backup in computerised accounting systems. Overall, this chapter is essential for students to gain a comprehensive understanding of computerised accounting systems, which will enable them to adapt to the changing technology landscape and enhance their employability in the accounting profession.
Chapter 25 Introduction to Accounting Information System (Coming soon)
Chapter 25 of the book “New ISC Accountancy” by D K Goel deals with the topic of Introduction to Accounting Information Systems (AIS). An AIS is a system that collects, processes, and reports financial and accounting data to provide useful information for decision-making. The chapter explains the components of an AIS, such as input devices, processing devices, output devices, and storage devices. It also covers the different types of AIS, such as manual systems, semi-automated systems, and fully automated systems. The chapter provides practical examples and case studies to help students understand the benefits of using an AIS, such as improved accuracy, timeliness, and accessibility of financial information. It also highlights the importance of data security and backup in AIS. Overall, this chapter is essential for students to gain a comprehensive understanding of AIS, which will enable them to adapt to the changing technology landscape and enhance their employability in the accounting profession.
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