DK Goel Solutions Class 11 Accountancy Chapter 7 Double Entry System (Updated For 2021-22)

DK Goel Solutions Class 11 Accountancy Chapter 7 Double Entry System: We recommend you to study DK Goel Solutions Class 11 Accountancy Chapter 7 and solve your Class 11 Accountancy assignments. Be it your class tests or assignments, DK Goel Solutions Class 11 Accountancy Chapter 7 Double Entry System has got  your back. Subject matter experts have designed accurate and credible solutions for your better understanding.

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DK Goel Solutions Class 11 Accountancy Chapter 7 Double Entry System

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Very Short Questions

Question 1

What is the double-entry system of book-keeping?

Solution: The double-entry system is an accounting system that affects at least two accounts simultaneously with every transaction. Two such examples are debit and credit account.

Question 2

State two types of accounts

Solution: The two types of accounts are.

(i) Personal account

(ii) Real account

(iii) Nominal account

Question 3

What is the personal account?

Solution: The account which is linked to a single company, institution, or firm is known as a personal account.

Question 4

What is the real account?

Solution: These are accounts whose value is estimated in money and the business properties are known as real accounts. A few examples are furniture account, cash account, etc. 

Question 5

What is the nominal account?

Solution: All the accounts which are only mentioned but do not exist is known as nominal account. For instance expense and income account. 

Question 6

What is a natural personal account? Give an example.

Solution:  ‘Natural Personal Account’ means all the accounts linked to a human being.  Such as Priya’s account.

Question 7

What are artificial personal accounts? Give an example.

Solution:  These accounts do not have a physical existence, such as human beings, but are considered as personal accounts.  For example, a company’s account. 

Question 8

What are representative personal accounts? Give an example.

Solution: When an account represents an individual or a group of individuals, is known as a representative personal account. Such as outstanding rent account. 

Question 9

What is the rule of recording transactions in a personal account?

Solution: The rule of recording transactions in a personal account is depicting the debitor as the receiver and the creditor as a giver.

Question 10

What is the rule of recording transactions in a real account?

Solution: The rule of recording transactions in a personal account is recording debit as what comes in and credit as what goes out.

Question 11

What is the rule of recording transactions in a nominal account?

Solution: The rule of recording transactions in a personal account is recording debit as losses and expenses and credit as gains and income.

Practical Questions

Question 1

Classify the following accounts under personal, real or nominal accounts:

Solution: 

Question 2

Classify the following into real, personal, or Nominal accounts.

1. Capital 2. Drawings 3. Cash paid 4. Cash Received 5. Commission Paid 6. Commission Received 7. Purchases A/c 8.Sales A/c 9. Furniture 10. Cash A/c 11. Bank A/c 12. Bank Overdraft 13. Debtors A/c 14. Creditors A/c 15. Travelling Expenses 16. Goodwill 17. Patents 18. Salary A/c 19. Salary Outstanding A/c 20. Insurance A/c 21. Insurance Prepaid A/c 22. Bad Debts are written off 23. Bad Debts Recovered

Solution

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