Name: NCERT Accountancy Financial Accounting Part 2 Textbook For Class 11th
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NCERT Accountancy Financial Accounting Part 2 Textbook For Class 11th

by Madhurima

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Type : book
Weight : 500 GM
ISBN :
Publisher : NCERT
Seller : Amit Singh
Authors : NCERT

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Q1

What is the main purpose of preparing a trading account?

A1

To calculate gross profit or loss by comparing net sales with cost of goods sold.
Q2

Define operating profit (EBIT) as per NCERT Class 11.

A2

Earnings before interest and tax; profit from core business operations excluding non-operating items.
Q3

What is an opening entry?

A3

Journal entry recorded at start of accounting period to bring forward all real and personal account balances.
Q4

How is closing stock valued in financial statements?

A4

At cost or net realizable value, whichever is lower, as per conservatism principle.
Q5

How do you treat accrued income in final accounts?

A5

Add to respective income in profit and loss account and show as asset in balance sheet.
Q6

What is income received in advance?

A6

Cash received for service not yet rendered; treated as a current liability.
Q7

Why is depreciation recorded even when no cash outflow occurs?

A7

To match asset’s cost against revenue earned and show correct book value.
Q8

How are bad debts shown in financial statements?

A8

Debited to profit and loss account and deducted from debtors in balance sheet.
Q9

When is interest on capital recorded as an adjustment?

A9

When partnership deed or agreement provides for it; treated as expense and added to capital.
Q10

What happens to provision for discount on debtors?

A10

Calculated on good debtors after deducting provision for doubtful debts; shown as deduction.

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Have Doubts Regarding This Product ? Ask Your Question

Q1

What is the main purpose of preparing a trading account?

A1

To calculate gross profit or loss by comparing net sales with cost of goods sold.
Q2

Define operating profit (EBIT) as per NCERT Class 11.

A2

Earnings before interest and tax; profit from core business operations excluding non-operating items.
Q3

What is an opening entry?

A3

Journal entry recorded at start of accounting period to bring forward all real and personal account balances.
Q4

How is closing stock valued in financial statements?

A4

At cost or net realizable value, whichever is lower, as per conservatism principle.
Q5

How do you treat accrued income in final accounts?

A5

Add to respective income in profit and loss account and show as asset in balance sheet.
Q6

What is income received in advance?

A6

Cash received for service not yet rendered; treated as a current liability.
Q7

Why is depreciation recorded even when no cash outflow occurs?

A7

To match asset’s cost against revenue earned and show correct book value.
Q8

How are bad debts shown in financial statements?

A8

Debited to profit and loss account and deducted from debtors in balance sheet.
Q9

When is interest on capital recorded as an adjustment?

A9

When partnership deed or agreement provides for it; treated as expense and added to capital.
Q10

What happens to provision for discount on debtors?

A10

Calculated on good debtors after deducting provision for doubtful debts; shown as deduction.

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