What is double entry book keeping?
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Answer / vkskumar171
DOUBLE ENTRY BOOK KEEPING MEANS THAN WE ARE DOING JOURNAL
ENTRIE THAN TWO SIDE EFFECT DR SIDE AND CR
EXAMPLE:
BANK A/C 500
TO CASH A/C 500
THIS ENTRIE SHOW BANK IS DR AND CASH IN CREDIT
BANK IS INCREASE
AND CASH IS DECREASE
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / akash jain
DOUBLE ENTRY BOOK KEEPING MEANS An accounting technique which records each transaction as both a credit and a debit. Credit entries represent the sources of financing, and the debit entries represent the uses of that financing. Since each credit has one or more corresponding debits (and vice versa), the system of double entry bookkeeping always leads to a set of balanced ledger credit and debit accounts. Selected entries from these ledger balances are then used to prepare the income statement.
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