The syllabus of class 11th accounts comprises of the following chapters. We have prepared various notes along with detailed questions and their solution, relevant for the student of Accounts class 11, who may be studying in CBSE, ISC or as per the NCERT syllabus. Each of these notes have been given under the particular chapter, which you can click and read : –
nominal account rule
Debit Credit Rules
Debit Credit Rules are applied to every transaction recorded in the books of accounts. If one account is debited, another account/s , will be credited with the same amount .
For example, if someone purchases goods, such purchase would increase the goods or an asset. Therefore, we will debit the Purchase account (Increase in Asset is debited) . When we purchase goods, we pay cash for it. Therefore, the cash account will be credited with the same amount that has been debited , as purchase would reduce the cash (Decrease in Asset, i.e, cash is credited).