Class 11th Accountancy Notes

Dear 11th Class Students,

Vinod Kumar - Your Accounting  Teacher

 Welcome in 11th Class. Accountancy will be new for you but it is as old as the business. It is the language of business. For example, I am talking with you in simple English language. So, my communication language is English. For understanding each other, we need this language. Like this, we have to understand the business, its strength and weakness. For this, we need a language and this language name is accountancy. We record each transaction of business. After this, we make financial statement. These financial statement will tell the financial and profitability position of any business. On this basis we take the decisions.

We have divided Class 11th Accountancy Notes  into two parts. First part is of written notes. Second part is of Video lecture.


Part A: Financial Accounting - I 


Unit 1: Theoretical Framework

1. Introduction of IFRS
2. IFRS VS Indian GAAP
3. Meaning of Accounting
4. Objectives of Accounting 
5. Need for Accounting
6. Functions of Accounting 
7. Advantages of Accounting 
8. Limitations of Accounting 
9. Types of Accounting Information
10. Users of Accounting information and their Needs
11.  Basic Accounting Terms
12. Fundamental Accounting Assumptions: Going Concern, Consistency, and Accrual
13. Accounting Principles: Accounting Entity, Money Measurement, Accounting Period, Full Disclosure, Materiality, Prudence, Cost Concept, Matching Concept and Dual Aspect.
14. Process of Accounting 
15. Bases of Accounting - Cash Basis and Accrual Basis
16. Accounting Standards and IFRS

1. Video Lecture Part -1
2. Video Lecture Part 0
3. Video Lecture Part 1
4. Video Lecture Part 2
5. Video Lecture Part 3
6. Video Lecture Part 4
7. Video Lecture Part 5 
8. Video Lecture Part 6
9. Video Lecture Part 7
10. Video Lecture Part 8

 Unit 2: Accounting Process and Special Accounting Treatment 

1. Accounting equation
2.  Rules of Debit and Credit
3. Invoice
4. Pay in Slip
5. Types of Vouchers 
6.  Journal
7.  Cash Book
8.  Petty Cash Book.
9.  Purchases Book
10.  Sales Book
11.  Purchases Returns Book
12.  Sales Returns Book 
13.  Journal Proper
14. Preparation of Bank Reconciliation Statement
15. Ledger 
16.  Trial Balance

Unit 3. Depreciation, Provisions and Reserves

1. Meaning of Depreciation 
2. Methods of Computation of Depreciation 
3. Provision for Depreciation
4. Straight Line Method Vs Written Down Value Method 
5. Disposal of Asset Account 
6. Types of Reserves 
7. Secret Reserves Examples
8. Revenue Reserve Vs Capital Reserve
9. Provision Vs Reserve

Unit 4. Accounting for Bills of Exchange 

1. Accounting of Bills of Exchange 
2. Journal Entries of Bill of Exchange 
3. Bill Discounting with Bank Journal Entries
4. Endorsement of Bill Journal Entries 
5. Bill Sent to Bank for Collection Journal Entries
6.  Bill Dishonour Journal Entries 
7. Bill discounted Dishonoured Journal Entries
8. Endorsed Bill Dishonoured Journal Entries
9. Insolvency of Acceptor of Bill Journal Entries 
10. Accommodation Bill Journal Entries
11. Accommodation Bill Journal Entries - Part 2 

Unit 5. Rectification of Errors

1. Errors
2. Detection and Rectification of Errors
3.  Balance Sheet Vs Statement of Affairs
4. Not for Profit Organisation Vs Profit Organisations

Unit 6. Financial Statements of Sole Proprietorship

1. Meaning of Financial Statements
2. Objective of Financial Statements
3. Tangible Assets vs Intangible Assets
4. Trading Account
5. Profit and Loss Account
6. Balance Sheet 
7. Adjustment in Preparation of Financial Statements - Part 1
8. Adjustment in Preparation of Financial Statements - Part 2
9. Adjustment in Preparation of Financial Statements - Part 3
10. Adjustment in Preparation of Financial Statements - Part 4

Unit 7. Accounts from Incomplete Records

1. How to Prepare Accounts from Incomplete Records
2. Profit or Loss from Incomplete Records Practical Question
3. How to Make Financial Statement from Incomplete Records
4. Difference between Balance Sheet and Statement of Affairs

Unit 8. Introduction to Accounting Information System

1. Meaning of Accounting Information System 
2. Application of Computer in Accounting
3. Purpose of Accounting Information System