Read below DK Goel Solutions Class 11 Chapter 7 Double Entry System. These solutions have been prepared based on the latest Class 11 DK Goel Accountancy book issued for this academic year.

This chapter presents an in-depth knowledge about the Double-Entry System, types of accounts, and their importance. The chapter also includes a lot of good quality questions which are very well designed and can be very helpful to understand the concepts for Class 11 students of Accountancy.

DK Goel Solutions Class 11 Chapter 7 solutions are free and will help you to prepare for Class 11 Accountancy.

Double Entry System DK Goel Class 11 Accountancy Solutions

Students can refer below for solutions for all questions given in your DK Goel Accountancy Textbook for Class 11 in Chapter 7

Question 1: 

Solution 1: The Book-keeping Double Entry Scheme applies to an accounting system. Two elements of the accounting debit or borrowing of each company are involved under this scheme.

An account is considered the individual report of a person or event, an item of revenue or an expense. There’s an equivalent amount of credit on any debit. The sum of all debits would then be equal to the total of all loans.

Question 2: 

Solution 2: Below are the two types of account:-

(i) Personal account

(ii) Real account

(iii) Nominal account

Question 3: 

Solution 3: This account is connected to a corporation, a group, a partnership firm and an entity individual. for Example:- Yash’s account, Bharat and Co. etc.

Question 4: 

Solution 4: The actual account corresponds to all accounts whose worth is in terms of capital and the company’s cash. Examples:- Furniture account, cash account, etc.

Question 5: 

Solution 5: Nominal Account applies to all accounts classified as nominal accounts that are only mentioned but do not exist. Example:- Income and Expenses account.

Question 6: 

Solution 6: 36 Accounts that refer to humans are referred to as natural personal accounts. Example:- Sonal’s account.

Question 7: 

Solution 7: Accounts that do not have a real life, but are treated as an artificial personal account known as a personal account. Example:- Raman & company’s account.

Question 8: 

Solution 8: It is known as a representative personal account whether an account represents an entity or a group of individuals. For Example:- Outstanding rent account.

Question 9: 

Solution 9: “Debit the receiver and credit the giver” is the rule of personal account.

Question 10: 

Solution 10: “Debit what comes in and credit what goes out” is the rule of real account.

Question 11: 

Solution 11: “Debit all losses and expenses and credit all gains and income” is the rule of nominal account.

Practical Questions:

Question 1: 

Solution 1:
(i) Commission Paid A/c
Name of Account:- Nominal Account

(ii) Commission Received A/c
Name of Account:- Nominal Account

(iii) Commission Accrued A/c
Name of Account:- Personal Account

(iv) Prepaid Salaries A/c
Name of Account:- Personal Account

(v) Leasehold Property A/c
Name of Account:- Real Account

(vi) Discount Allowed A/c
Name of Account:- Nominal Account

(vii) Carriage Inwards A/c
Name of Account:- Nominal Account

(viii) Life Insurance Corporation of India A/c
Name of Account:- Personal Account

(ix) Drawings A/c
Name of Account:- Personal Account

(x) Rent Received in Advance
Name of Account:- Personal Account

(xi) Debtors
Name of Account:- Personal Account

(xii) Sales A/c
Name of Account:- Nominal Account
(xiii) Rent Paid in Advance
Name of Account:- Personal Account

(xiv) Bank Overdraft
Name of Account:- Personal Account

Question 2:

Solution 2:

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