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what is the meaning of double entry system & Double entry
system?
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Answer / sk arun kumar
Double entry book keeping system is the dual aspect of
entering the transactions on both the sides-i.e. the amount
of a business transaction is entered on both the sides i.e.
on the debit and also on the credit side of an account.
| Is This Answer Correct ? | 23 Yes | 3 No |
Answer / geetha
The double entry system is the one transaction is entered
in both sides of accounting books. Once it is debited and
again it is credited.
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / narasimha rao
BOTH ASPECTS OF TRANSACTION ARE RECORDED IN ACCOUNTING
BOOKS IS CALLED DOUBLE ENTRY SYSTEM BOTH ASPECTS ARE ONE
IS DEBIT AND SEACOND IS CREDIT
| Is This Answer Correct ? | 8 Yes | 5 No |
Answer / shameem
Entering both aspect of the accounting is named as "double
entry book keeping".one is named as 'debit' and another
is 'credit'.Hence for every debit there will be an equal
and corresponding credit.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / jaivardhan singh jadon
as a system of accounting in which out of the two aspects of
a transaction,one aspect is debited and the other aspect is
credited accoding to certain prescribed rules.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / narasimha rao
both aspects of trasaction are recorded in accounting
books that is called double entry system one is dr
another is cr
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / saraswati panda
The need for maintaining the a record of income and
expenditure in a clear and systematic manner or the art of
recording and summarising in terms of money transactions
events of financial character interpreting the results
thereof.
| Is This Answer Correct ? | 2 Yes | 1 No |
Liabilities: 2006 2007 Assets 2006 2007 Trade Creditiors 100 40 Cash atBank 100 65 Bills Payable 50 60 Account/R 105 120 Outstanding Expenses 25 20 B/R 130 140 Bonds Payable 220 140 Inventory 110 40 Accumulated Depreciation: Machinery 120 160 -on Machinery 30 35 Building 300 310 -On Building 75 85 Land 60 130 Reserves 100 115 Patents 55 60 Retained Earning 130 170 share Capital 250 360 Profit from operation after providing Rs.10,000as depreciation on building and Rs.10,000 on machinery and Rs.5,000 as amortization on patents for the year 'April 06- March07' was Rs.35,000. Other revenues for the year were Rs.40,000. An old machine with original cost of Rs.15,000 was sold at a loss of rs.5,000. Prepare Fund Flow Statment and Cash Flow Statment for the year ending March 31 2007 based on the information given above.
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