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Double entry system of accounting means:
Entry in two sets of books
Entry on two dates
Entry for two aspects of the transaction
Entry for one aspect of transaction
Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit. In a normally debited account, such as an asset account or an expense account, a debit increases the total quantity of money or financial value, and a credit decreases the amount or value.A transaction is divided into two aspects, Debit and Credit. One account needs to be debited and the other is to be credited. Every debit must have its corresponding and equal credit.
By: DATTA DINKAR CHAVAN ProfileResourcesReport error
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