Accountancy is the process of recording, classifying, and reporting business transactions to ensure the efficient and successful management of an organization. Learn with Manika Class 11 Accountancy Notes are prepared in alignment with the latest CBSE syllabus, making them ideal for students aiming for concept clarity and exam readiness.
These comprehensive chapter-wise revision notes cover all key topics in an easy-to-understand format. Students can conveniently access each chapter through the quick links provided below. The notes include all 11 chapters and explain important concepts such as Bills of Exchange, GAAP (Generally Accepted Accounting Principles), Financial Statements, Journal, Ledger, Reserves, Depreciation, Bank Reconciliation Statement, Trial Balance, and many more, ensuring thorough preparation for examinations.
PART - A
Chapter 1: Introduction to Accounting
Accounting refers to the process of identifying, recording, measuring, and communicating financial information to various users for decision-making. Chapter 1 – Introduction to Accounting in the Class 11 Accountancy curriculum provides a comprehensive overview of the fundamental concepts of accounting, the nature of accounting information, and its different users.
This chapter is essential for building a strong foundation in the subject, and the accompanying notes from Learn with Manika explain these concepts in a simplified and student-friendly manner. It also introduces key accounting terms such as capital, profit, loss, drawings, purchases, and sales, which are crucial for understanding the subsequent chapters effectively.
- Introduction to Accounting
- Types and Users of Accounting Information
- Difference between Bookkeeping and Accounting
- Accounting: Objectives, Characteristics, Advantages, Disadvantages and Role of Accounting
- Basic Accounting Terms
- Difference between Accounting and Accountancy
Chapter 2: Theory Base of Accounting
The second chapter of Class 11 Accountancy (Part A) focuses on the fundamental principles of accounting and introduces the concept of accounting standards. These notes, provided by Learn with Manika, thoroughly explain essential accounting concepts such as the Business Entity Concept, Going Concern Concept, Cost Concept, Matching Concept, and several others crucial for building a strong foundation in accountancy.
Additionally, key topics like International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) are also outlined to give students a global perspective on accounting practices.
A significant part of this chapter includes the comparison and explanation of the Single-Entry System and Double Entry System of Accounting, which are vital for understanding how financial transactions are recorded in practical scenarios.
Explore the detailed notes and quick links below from Learn with Manika for a comprehensive understanding of this chapter.
- Accounting Standards: Need, Benefits, Limitations and Applicability
- IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles)
- Difference between Cash Basis and Accrual Basis of Accounting
- Basic Accounting Concepts
- Systems and Basis of Accounting | Single and Double Entry System
Chapter 3: Recording of Business Transactions
According to the fundamentals of Accountancy, all business transactions of an organization must be systematically recorded to facilitate future reference and the preparation of accurate financial statements. Chapter 3 of Class 11 Accountancy (Part A) provides comprehensive guidance on how to record transactions, where to record them, and the process of transferring entries from the Journal to the Ledger. This chapter holds significant importance, as it lays the foundation for solving comprehensive accountancy problems.
The notes in this chapter offer in-depth explanations of key topics such as the Accounting Equation, Journal Entries, Cash Book, Sales Book, Ledger, and more complete with definitions, formats, and practical examples. The resources provided below by Learn with Manika are sufficient for gaining a clear understanding of the topic Recording of Business Transactions.
- What is an Accounting Voucher? Explain the Types of Vouchers.
- Introduction to Accounting Equation
- Accounting Equation | Increase in Assets and Capitals both and Increase in Assets and Liability both
- Accounting Equation | Decrease in Assets and Capital both and Decrease in Asset and Liability both
- Accounting Equation | Decrease in Capital and Increase in the Liability, Decrease in Liability and Increase in the Capital and Increase and Decrease in Assets
- Accounting Equation | Sale of Goods and Calculation of Net Worth (Owner’s Equity) Or Capital
- Journal Entries
- Rules of Journal Entry
- Journal Entry (Capital, Drawings, Expenses, Income & Goods)
- Journal Entry for Capital
- Journal Entry for Drawings
- Journal Entry for Paid Expenses
- Journal Entry for Income
- Journal Entry for Sales and Purchase of Goods
- Journal Entry for Cash and Credit Transactions
- Journal Entries | Banking Transactions (Part-1)
- Journal Entries | Banking Transactions (Part-2)
- Journal Entry for Assets
- Journal Entry for Depreciation
- Journal Entry for Discount Allowed and Received
- Journal Entry for Full/Final Settlement
- What is a Compound Journal Entry ?
- Opening Journal Entry
- Journal Entry for Bad Debts and Bad Debts Recovered
- Journal Entry for Loss of Insured Goods/Assets
- Journal Entry for Loan Taken
- Journal Entry for Loan Given
- Journal Entry for Outstanding Expenses
- Journal Entry for Prepaid or Unexpired or Advance Expenses
- Journal Entry for Accrued Income or Income Due
- Journal Entry for Income Received in Advance or Unearned Income
- Journal Entry for Income Tax
- Journal Entry for Life Insurance Premium & Employee’s Life Insurance Premium
- Journal Entry for Interest on Capital
- Journal Entry for Interest on Drawings
- Journal Entry for Use of Goods in Business
- Journal Entry for Expenditure on Assets (Erection or Installation)
- Journal Entry for Expenses on Purchase of Goods
- Journal Entries under GST (Goods and Services Tax)
- Cash Book: Meaning, Types. and Example
- Purchases Book: Meaning, Format, and Example
- Sales Book: Meaning, Format and Example
- Purchase Return Book: Meaning, Format, and Example
- Sales Return Book: Meaning, Format, and Example
- Journal Proper: Meaning, Format and Examples
- Ledger | Meaning, Format, Example and Balancing of Accounts
Chapter 4: Bank Reconciliation Statement
The fourth chapter of Class 11 Accountancy, Bank Reconciliation Statement, is a vital part of the curriculum. This chapter focuses on understanding the concept, format, and practical illustrations of a Bank Reconciliation Statement. It also explains the step-by-step process of preparing a statement that reconciles the differences between the balances shown in an organization’s Cash Book and its Passbook.
- Bank Reconciliation Statement
- Preparation of Bank Reconciliation Statement
- Difference between Bank Statement and Bank Reconciliation Statement
- Preparation of BRS without correcting Cash Book
- Bank Reconciliation Statement (BRS) : Without Correcting Cash Book
- Preparation of Bank Reconciliation Statement with Amended Cash Book
- Bank Reconciliation Statement (BRS): When Extracts from Cash Book and Pass Book are given
Chapter 5: Depreciation, Provisions, and Reserves
The fifth chapter of Class 11 Accountancy Part-A, titled Depreciation, Provisions and Reserves, covers essential concepts that form the foundation of accurate financial reporting. The key topics included in this chapter are:
- Depreciation: Features, Causes, Factors and Need
- Methods of charging Depreciation
- Straight Line Method of Charging Depreciation
- Written Down Value Method
- Difference between Straight Line and Written Down Value Method of calculating Depreciation
- Difference between Depreciation and Amortization
- Provisions in Accounting – Meaning, Accounting Treatment, and Example
- Reserves in Accounting: Meaning, Accounting Treatment, Importance, and Example
- Difference between Provisions and Reserves
- Reserves and its Types
- Difference between Capital Reserve and Revenue Reserve
Chapter 6: Trial Balance and Rectification of Errors
Although the Trial Balance is not a direct component of the accounting process, it plays a vital role in verifying the accuracy of ledger accounts and identifying any errors or discrepancies in the financial records. Chapter 6 of Class 11 Accountancy Part-A, titled “Trial Balance and Rectification of Errors,” provides comprehensive insights into the preparation of a trial balance, its format, and its key objectives.
The chapter also includes essential topics such as:
- Trial Balance: Meaning, Objectives, Preparation, Format, and Example
- Types of Errors in Trial Balance
- Detection and Rectification of Errors in Trial Balance
- What is a Suspense Account?
Chapter 7: Bills of Exchange
The final chapter of Class 11 Accountancy Part-A is titled "Bills of Exchange." The notes provided by Learn with Manika comprehensively cover key concepts such as Bills of Exchange and Promissory Notes, highlighting the differences between the two. This chapter also explains their accounting treatment along with essential terms like Term of Bill, Accommodation Bill, Discounting of Bill, and Maturity of Bill, providing students with a clear and structured understanding of the topic.
- Bills of Exchange: Meaning, Features, Parties, and Advantages
- Promissory Note: Features and Parties
- Difference between Bills of Exchange and Promissory Note
- Important Terms in Bills of Exchange
- Accounting Treatment of Bills of Exchange
PART - B
Chapter 1: Financial Statements
Financial statements are formal records that provide insights into an organization’s financial position, profitability, and cash flow. The first chapter of Accountancy Part-B offers a comprehensive overview of financial statements along with their necessary adjustments. These notes also emphasize the objective and significance of preparing financial statements, explaining how they serve various users such as internal management, investors, and regulatory authorities. Key concepts discussed in this chapter include Stakeholders, Capital, Revenue, Operating Profit, and several other foundational financial terms.
For an in-depth and simplified explanation, explore more at Learn with Manika – your trusted source for commerce learning.
- Introduction to Financial Statements
- Financial Statements with Adjustments
- Financial Statements with Adjustments (Journal Entries)
- Financial Statement with Adjustment with Examples-I
- Adjustment of Closing Stock in Final Accounts (Financial Statements)
- Adjustment of Outstanding Expenses in Final Accounts (Financial Statements)
- Adjustment of Prepaid Expenses in Final Accounts (Financial Statements)
- Adjustment of Accrued Income in Final Accounts (Financial Statements)
- Adjustment of Unearned Income in Final Accounts (Financial Statements)
- Financial Statement with Adjustment with Examples-II
- Adjustment of Interest on Capital in Final Accounts (Financial Statements)
- Adjustment of Interest on Drawings in Final Accounts (Financial Statements)
- Adjustment of Interest on Loan in Final Accounts (Financial Statements)
- Adjustment of Proprietor’s Salary in Final Accounts (Financial Statements)
- Adjustment of Interest on Deposits in Final Accounts (Financial Statements)
- Financial Statement with Adjustment with Examples-III
- Adjustment of Depreciation in Final Accounts (Financial Statements)
- Adjustment of Appreciation in Final Accounts (Financial Statements)
- Adjustment of Bad Debts in Final Accounts (Financial Statements)
- Adjustment of Provision for Bad and Doubtful Debts in Final Accounts (Financial Statements)
- Adjustment of Bad Debts Recovered in Final Accounts (Financial Statements)
- Financial Statement with Adjustment with Examples – IV
- Adjustment of Provision for Discount on Debtors in Final Accounts (Financial Statements)
- Adjustment of Provision for Discount on Creditors in Final Accounts (Financial Statements)
- Financial Statement with Adjustment-Loss of Insured Goods & Assets (All three cases)
- Adjustment of Goods given as Charity or Free Sample in Final Accounts (Financial Statements)
- Adjustment of Goods used for Personal Purpose in Final Accounts (Financial Statements)
- Financial Statement with Adjustment with Examples-V
- Adjustment of Use of Goods in Business in Final Accounts (Financial Statements)
- Adjustment of Manager’s Commission in Final Accounts (Financial Statements)
- Adjustment of Deferred Revenue Expenditure in Final Accounts (Financial Statements)
- Financial Statement with Adjustment-Loss of Insured Goods & Assets (All three cases)
- Stakeholders and their Information Requirements
- Capital Expenditure | Meaning, Example and Accounting Treatment
- Revenue Expenditure | Meaning, Types, Example and Accounting Treatment
- Capital Receipts | Meaning, Types, Components, and Accounting Treatment
- Revenue Receipts | Meaning, Features, Example and Accounting Treatment
- Difference between Capital Expenditure and Revenue Expenditure in Accountancy
- Difference between Capital Receipts and Revenue Receipts in Accountancy
- Trading and Profit and Loss Account: Opening Journal Entries
- Operating Profit (EBIT): Meaning, Formula and Example
- Balance Sheet: Meaning, Format, Need and Objectives
- How to prepare a Balance Sheet?