Unimax Publications – Advanced Accountancy I Class 11 2021 – Solution

Unimax Publications is a well-known name in the educational publishing industry. The company has been providing quality study materials to students for several years. In this article, we will discuss the solutions provided by Unimax Publications for the Advanced Accountancy I Class 11 2021.

Overview of Advanced Accountancy I Class 11 2021

Advanced Accountancy I is a subject that is taught at the Class 11 level. The subject focuses on the study of accounting principles, concepts, and practices. It provides students with an understanding of the basic principles of accounting and helps them develop skills in recording, classifying, and summarizing financial transactions.

The syllabus for Advanced Accountancy I Class 11 2021 is divided into two parts. Part A consists of Financial Accounting – I, and Part B consists of Financial Accounting – II.

Unimax Publications Solution for Advanced Accountancy I Class 11 2021

Unimax Publications provides a comprehensive solution for Advanced Accountancy I Class 11 2021. The solution is designed to help students understand the concepts and principles of accounting in a systematic and organized manner.

The solution includes chapter-wise solutions for all the chapters in the syllabus. The solutions are presented in an easy-to-understand language, with step-by-step explanations and illustrations. They cover all the important topics and concepts in the syllabus, including accounting terms, accounting equations, journal entries, ledger accounts, trial balances, and financial statements.

In addition to the chapter-wise solutions, Unimax Publications also provides sample question papers and previous year’s question papers with solutions. These help students to prepare for their exams effectively and to get an idea of the types of questions that may be asked in the exam.

Benefits of Unimax Publications Solution for Advanced Accountancy I Class 11 2021

The Unimax Publications Solution for Advanced Accountancy I Class 11 2021 has several benefits for students. Some of these benefits include:

• Comprehensive coverage of the syllabus
• Easy-to-understand language and explanations
• Step-by-step solutions and illustrations
• Sample question papers and previous year’s question papers with solutions
• Effective preparation for exams
• Increased confidence and understanding of accounting principles and concepts

Conclusion

In conclusion, Unimax Publications provides a comprehensive solution for Advanced Accountancy I Class 11 2021. The solution is designed to help students understand accounting principles and concepts in a systematic and organized manner. It includes chapter-wise solutions, sample question papers, and previous year’s question papers with solutions. A solution is an effective tool for students to prepare for their exams and to increase their confidence and understanding of accounting.

Unimax Publications – Advanced Accountancy-I- Class 11 – 2021 – Solution

We have provided the question-wise of chapter-wise solutions to all practical problems of Unimax Publications – Advanced Accountancy-I- Class 11 – 2021 – Solution. These are shown as follows: –

Part-I

Chapter No. 1 – Introduction of Accounting

In this chapter, students are introduced to the concept of accounting and its importance in the business world. The chapter covers the basic principles of accounting, the accounting equation, and the different types of accounting such as financial, cost, and management accounting. Students will also learn about the accounting cycle, the role of an accountant, and the various career opportunities available in the field of accounting.

Chapter No. 2 – Theory Base of Accounting

This chapter focuses on the theoretical aspects of accounting. Students will learn about the different accounting concepts, assumptions, and principles that form the basis of accounting practices. The chapter covers topics such as the accrual concept, matching concept, conservatism concept, materiality concept, and consistency concept, among others. Students will also learn about the different accounting standards and regulatory bodies that govern the accounting profession.

Chapter No. 3 – Vouchers and Transactions

In this chapter, students will learn about the different types of vouchers and transactions that are used in accounting. The chapter covers topics such as the cash voucher, bank voucher, journal voucher, and purchase voucher, among others. Students will also learn about the different types of transactions such as cash transactions, credit transactions, and contra transactions. The chapter will help students understand how to record transactions in the books of accounts.

Chapter No. 4 – Journal

This chapter covers the journal, which is the first book of accounts in the accounting cycle. Students will learn about the different types of journal entries such as simple journal entries, compound journal entries, and adjusting entries. The chapter also covers the rules of debit and credit and how to record transactions in the journal. Students will also learn how to prepare a trial balance from the journal.

Chapter No. 5 – Goods and Services Tax (GST): An Introduction

In this chapter, students will be introduced to the Goods and Services Tax (GST), which is a value-added tax that has been introduced in India. The chapter covers the different types of GST, the GST registration process, and the GST return filing process. Students will also learn about the GST network and the role of GST in the Indian economy.

Chapter No. 6 – Ledger

This chapter covers the ledger, which is the second book of accounts in the accounting cycle. Students will learn about the different types of ledger accounts such as personal accounts, real accounts, and nominal accounts. The chapter also covers the rules of debit and credit for ledger accounts and how to post transactions from the journal to the ledger. Students will also learn how to prepare a trial balance from the ledger.

Chapter No. 7 – Special Purpose Book –  Cash Book

This chapter covers the cash book, which is a special purpose book used to record all cash transactions. Students will learn about the different types of cash book such as single column, double column, and triple column cash book. The chapter also covers the rules of debit and credit for cash book transactions and how to reconcile the cash book with the bank statement.

Chapter No. 8 – Other Subsidiary Books 

In this chapter, students will learn about other subsidiary books

used in accounting such as the purchase book, sales book, and purchase return book. Students will learn how to record transactions in these books and how to post them to the ledger. The chapter also covers the preparation of a trial balance from these subsidiary books.

Chapter No. 9 – Trial Balance 

This chapter covers the trial balance, which is a statement that lists all the ledger balances at a particular point in time. Students will learn how to prepare a trial balance from the ledger and how to check for errors in the trial balance. The chapter also covers the different types of errors that can occur in the trial balance and how to rectify them.

Chapter No. 10 – Rectification of Errors

In this chapter, students will learn about the different types of errors that can occur in accounting such as errors of omission, commission, and principle. Students will also learn how to locate these errors and how to rectify them. The chapter covers topics such as suspense account, rectification journal entries, and the impact of errors on the trial balance. Students will also learn how to prepare a revised trial balance after rectifying errors.

Chapter No. 11 – Depreciation

In this chapter, students will learn about the concept of depreciation and its importance in accounting. The chapter covers topics such as the different methods of calculating depreciation such as straight-line method, written down value method, and annuity method. Students will also learn how to record depreciation in the books of accounts and how to prepare a depreciation schedule.

Chapter No. 12 – Provision and Reserves

This chapter covers the concept of provisions and reserves, which are funds set aside by a company for future expenses or contingencies. Students will learn about the different types of provisions such as provision for bad debts, provision for depreciation, and provision for taxation. The chapter also covers the different types of reserves such as general reserve, specific reserve, and capital reserve. Students will learn how to record provisions and reserves in the books of accounts.

Chapter No. 13 – Bank Reconciliation Statement

In this chapter, students will learn how to prepare a bank reconciliation statement, which is a statement that compares the bank statement with the cash book to identify any differences or discrepancies. The chapter covers topics such as the reasons for differences between the bank statement and the cash book, the process of preparing a bank reconciliation statement, and the impact of errors on the bank reconciliation statement.

Chapter No. 14 – Bills of Exchange 

This chapter covers the concept of bills of exchange, which are negotiable instruments used in business transactions. Students will learn about the different types of bills of exchange such as promissory notes, bills of exchange, and cheques. The chapter covers the different parties involved in a bill of exchange, the rules of endorsing a bill of exchange, and the process of discounting a bill of exchange.

Students may choose only one part from Part II and Part III

Part-II

Chapter No. 15 – Financial Statements (Without Adjustments)

This chapter covers the preparation of financial statements such as the balance sheet and profit and loss account without adjustments. Students will learn about the different components of the balance sheet such as assets, liabilities, and capital. The chapter also covers the different components of the profit and loss account such as revenue, expenses, and net profit.

Chapter No. 16 – Financial Statements (With Adjustments)

In this chapter, students will learn how to prepare financial statements with adjustments. The chapter covers the different adjustments that need to be made in the books of accounts such as depreciation, provision for bad debts, and interest on capital. Students will learn how to prepare an adjusted trial balance and how to use it to prepare financial statements.

Chapter No. 17 – Accounts from Incomplete Records –  Single Entry System

This chapter covers the concept of accounts from incomplete records, which is a system of accounting where only partial records are kept. Students will learn about the different methods of calculating profit under this system such as a statement of affairs method, conversion method, and average profit method. The chapter also covers the limitations of the single-entry system and its applications in small businesses.

Part-III

Chapter No. 18 – Introduction to Computers and Accounting Information System

This chapter provides an introduction to the concept of computers and their role in accounting information systems. It covers the basics of computer hardware and software, including input/output devices, memory, and operating systems. The chapter also discusses the different types of accounting information systems, such as transaction processing systems, management information systems, and decision support systems. Students will gain an understanding of how computers have revolutionized the accounting profession, making it more efficient and accurate.

Chapter No. 19 – Computerised Accounting

This chapter delves deeper into the topic of computerized accounting, building on the concepts introduced in the previous chapter. Students will learn about the various software applications used in computerized accounting, including spreadsheets and accounting software. They will also gain an understanding of the benefits of computerized accounting, such as increased speed and accuracy, improved record-keeping, and reduced costs. The chapter also covers the challenges and risks associated with computerized accounting, such as data security and system crashes.

Chapter No. 20 – Accounting Software: Tally 

This chapter is dedicated to the study of Tally, a popular accounting software used by businesses around the world. Students will learn about the various features of Tally, such as inventory management, payroll processing, and financial statement generation. The chapter also covers the different versions of Tally available and how to install and set up the software. Students will gain hands-on experience using Tally to perform various accounting tasks.

Chapter No. 21 – Data Base System

This chapter introduces students to the concept of database systems and their role in accounting information systems. Students will learn about the different types of databases, such as relational and object-oriented databases. The chapter covers the basics of database design, including the entity-relationship model, normalization, and data integrity. Students will also gain an understanding of how to use SQL (Structured Query Language) to manipulate and retrieve data from a database.

Chapter No. 22 – Concept of Entity and Relationship 

This chapter expands on the concept of entity-relationship modelling introduced in the previous chapter. Students will learn about the different types of entities and relationships that can exist in a database, such as one-to-one, one-to-many, and many-to-many relationships. The chapter covers the various symbols and notations used in entity-relationship diagrams and teaches students how to create their own diagrams. Students will gain hands-on experience using software tools to create and manipulate entity-relationship diagrams.