NCERT Solutions for Class 11 Accountancy Chapter 4 Recording of Transactions 2

NCERT Solutions for Class 11 Accountancy Chapter 4 Recording of Transactions 2 by Extramarks is a compilation of detailed solutions to questions given at the end of this Chapter in the Class 11 Accountancy textbook. The solutions are prepared by subject matter experts and include thorough explanations, examples, and illustrations wherever required. Students can use this resource for their last-minute preparations, and revisions, and also to understand the best practices of framing answers in exams.

Class 11 Accountancy NCERT Solutions Chapter 4: Recording of Transactions 2

Access NCERT Solutions for Class 11 Accountancy Chapter 4 – Recording of Transaction II

Chapter 4 of NCERT Class 11 Accountancy textbook continues where Chapter 3 left off. This chapter discusses the need for special purpose books in accounting, how to record the transactions in a cash book and later post them to a ledger, preparing the petty cash book, balancing the ledger accounts, and much more.

A detailed list of all the topics covered in this chapter is  as follows:

  • What is a Cash Book? What are the types of Cash books?
  • What is Contra Entry? What is the reason for Contra Entry?
  • How is a Petty Cash Book prepared?
  • What are the Special Purpose Books?
  • What is the purpose of maintaining a Subsidiary Journal?
  • What is Ledger Folio?
  • Differences between Return Inwards and Return Outwards
  • Differences between Trade Discounts and Cash Discounts
  • How to prepare a Ledger from a Journal?
  • How to maintain Fund Books?
  • What are the advantages of maintaining Fund Books?

What is the Importance of Recording of Transactions 2?

Recording of Business Transactions is one of the best business practices because it shows a clear status of the company and assists the company and its management in making insightful decisions based on reliable sources. The recording process needs to be precise and meticulous to make the Recorded Transaction error-free. Transactions are recorded in different books and then tallied to ensure the correctness of details. NCERT Solutions provide detailed answers which present the entire process before the students  with real-life examples. 

How Can You Avail the Best NCERT Solutions of Class 11 Accountancy with the help of Extramarks?

NCERT solutions prepared by Extramarks cover all the questions given at the end of each chapter in the NCERT textbook. Special care is given to provide accurate and detailed answers so that the students can get the best out of these resources. The solutions are prepared by subject matter experts that are experienced in their respective fields and know the best practices that need to be followed when framing solutions in exams. The solutions are written in easy to understand language and include thorough explanations along with illustrations and examples wherever required.

How Does the Team of Experts at Extramarks  Help You Improve Your Learning Skills and Study Pattern?

Extramarks hires its experts after a thorough evaluation to make sure that they have comprehensive knowledge of their respective fields. With the solutions provided by these experts, students can save a lot of their time and energy if they ever get stuck on a question. Including these resources in their preparation will help students plan and execute their study plans better. These resources will especially be useful for last-minute preparations and revisions. 

Fun Fact: Did You Know?

A calculator is an indispensable tool used for Accounting. French Mathematician Pascal invented the calculator back in 1642 . The Mathematician was born on 19th June 1623 in France. Pascal was not only a Mathematician, but he was also a Physicist, writer, philosopher, and Catholic theologian. He invented the equipment at the age of 19 and helped his father calculate Mathematical sums in no time. Initially, the calculator used to be gear-driven wheels.

FAQs (Frequently Asked Questions)

You will find the chapter-wise Accountancy solutions on the Extramarks website or app.

Accounts are balanced at the end of the accounting time. The process is done to get the net position of every account. These get balanced when the two sides are added to make each one equal based on the differences between the two are shown. The balance c/d is written in contrast to the difference between the two sides.

 Journal maintains the record of the credit sales and cash sales. The entries held in the journal are the invoices or bills offered by the firm to the customers. Two or more invoice copies are prepared for each sale.

The purchase return book records the maintenance of goods that have been returned. The reasons for the return can be many, for example, a difference in quality or defective products, and many more. In such cases, a debit note is issued when there is a return. The debit process is chronologically recorded in the books.

A contra entry refers to bank transactions like withdrawals and deposits. The core reason to use contra entry is to show how the transactions affect cash and bank balance. A contra entry is indicated by ‘C’ in the ledger folio column.