Question

according to double entry system every debit has its equal amount of______
1.value 2. credit 3. debit 4. none of the above​

Answer 1

Explanation:

the dual aspect of accounting. It says that every transaction will have two effects in books of account.

For every debit , there will a credit of similar amount and vice versa.

For example, Goods worth Rs. 1000 purchased for cash. There are 02 accounts which are affecting here i.e. cash is going out of Rs.1000 and Goods are coming for Rs.1000.

Hence, it is true that equal debit and credit entries are made for each transaction.