CBSE Class 11 Accountancy Chapter 11 - Accounts from Incomplete Records

Accounts from Incomplete Records Class 11 Revision Notes

The accounts from incomplete records class 11 notes explain the accounting records of firms that follow the single-entry system of bookkeeping. Accounting records that are not maintained according to the double-entry system are known as accounts from incomplete records or single entry system of accounting. The chapter explains the meaning of incomplete records due to a lack of accounting records according to the double-entry system. This chapter will also explain the reasons for incompleteness and its limitation because people do not have proper knowledge of accounting principles. It also deals with the ascertainment of profit and loss account by preparing the statement of affairs, profit and loss account, and the balance sheet.

The chapter will also deal with preparing trading and profit and loss and the balance sheet of the financial year. The chapter also deals with the ascertainment of profit and loss and financial position of the firms that not maintaining record as per double-entry bookkeeping and that why records are incomplete.

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Sup topic covered under Accounts from Incomplete Records:

Meaning of Incomplete Records, Reasons for Incompleteness and Its Limitations: The sub-topic explains the meaning of incomplete records, reasons for incompleteness and its limitation because people do not have proper knowledge of accounting principles and not followed the double-entry system.
Ascertainment of Profit and Loss: The sub-topic explains the ascertainment of profit and loss by preparing the statement of affairs as at the beginning and preparing trading and profit and loss account and the balance sheet.
Preparing Trading and Profit and Loss and Balance Sheet: The sub-topic explains to preparing of profit and loss account and balance sheet.

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