As a continuation of Part I (Int. J. Quantum Chem. 2021; 121: qua.26586), dedicated to the ground state of He‐like and Li‐like isoelectronic sequences for nuclear charges Z ≤ 20, a few ultra‐compact wave functions in the form of generalized Hylleraas‐Kinoshita functions are constructed, which describe the domain of applicability of the Quantum Mechanics of Coulomb Charges (QMCC) for energies (4–5 significant digits [s.d.]) of two excited states of He‐like ions: the spin‐singlet (first) excited state 21S and lowest spin‐triplet 13S state. For both states, it provides absolute accuracy for energy ∼10−3 a.u., exact values for cusp parameters and also for six expectation values the relative accuracy ∼10−2. Bressanini‐Reynolds observation about the special form of nodal surface of 21S state of helium is confirmed and extended to He‐like ions with Z > 2. Critical charges Z = ZB, where ultra‐compact trial functions lose their square‐integrability, are estimated: ZB(11S) ≈ ZB(21S) ∼ 0.905 and ZB(13S) ∼ 0.902. For both excited states, the Majorana formula—the energy as the second degree polynomial in Z—provides accurately the 4–5 significant digits for Z ≤ 20.