what do you understand by double entry system.
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Answer / rakesh
Double entry system is very important stage in the
accounting according to the double entry system for every
debit there should corresponding credit it means that debit
must be equal to credit.
| Is This Answer Correct ? | 24 Yes | 2 No |
Double entry system, it is self exclamatory. In simple
irrespective nature of a transaction, must have double
effect. That means for debit transaction there must be a
credit transaction.
For instance if written off depreciation from your fixed
asset. The transaction will be like this- deduct the
depreciation value from the Fixed Asset(one transaction)and
as it an expense you need to show it in profit or loss
account(second transaction).This is called double entry
system.
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| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / dawood mamedoff
For more detailed and simplified illustration of how double
entry accounting works I'd recommend the below article:
http://www.myhowtoos.com/en/at-work-howtoos/80-understanding-accounting-basics
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / vamsi krishna
Double-entry accounting is a method of record-keeping that lets you track just where your money comes from and where it goes. Using double-entry means that money is never gained nor lost---it is always transferred from somewhere (a source account) to somewhere else (a destination account).
The main concept to remember, regardless of terminology, is that all transactions involve a transfer of some amount of money from a source to a destination.
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