Interested to Buy Any Domain ? << Click Here >> for more details...
what do you understand by double entry system.
- 4 Answers
- 12449 Views
- Fidelity, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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.
-
| 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.
| Is This Answer Correct ? | 4 Yes | 1 No |
if bill has came for payment for car repair purpose in bill they mentation total parts value is 21000 and labour 13000 with total of 34000 inthat on parts vat is include so we have to deduct tds u/s 194c @2% on full amount of 34000 or not(bill is single for whole 34000 purpose_
3 Answers Maruti Suzuki, Thermotech Engineers,
Expand---------PRB
for how much loan a borrower has to submit QIS
what do you mean acculmated depreciation?
7. Sarbanes-Oxley requires auditors of public companies to maintain audit documentation for what period of time? A) Not less than 3 years. B) Not less than 5 years. C) Not less than 7 years. D) Through the issuance of the financial statements.
what is the time of pf return, and how can calcualte the pf inertest.
Explain the purpose of meeting in audit?
What duty to auditors and independent examiner have to report problems to the Commission ?
Alpha Co. issued to the public for subscription 40000 shares of rs 10 each at discount of 10%payable as rs. 2 each on application, allotment and first call and rs.3 on the final call. Applications were received for 60000 shares and allotment was made pro-rata to 80% of applicants. R to whom 2000 shares were allotted paid only the application money, and S who had applied for 3000 shares,paid the entire call money due along with the allotment. pass journal entries to record the above transaction.
what supporting documents do we vouch to for sales, purchases, receivables, payables, sales cutoff, and liabilities cutoff?
what is sales tax
what percent of wages calculate from sales of a firm (registered under manufacturing of machinery spares) sales (appr)- RS.10000000/-
Audit 
