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what do you understand by double entry system.
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Answer Posted / badri narayan
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 |
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