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