decride the type of account used for recording transaction is double entry system of account?
Answers
Explanation:
A Book-keeper failed to balance his trial.balance, the credit side exceedingthe debit side by Rs. 175. This amount was entered in a Suspense Account. Later on theunder mentioned errors were discovered :-1. Goods amounting to Rs. 620 sold to D & Co. were correctly entered in theSales book, but posted to the Company's A/c as Rs. 260.2. A credit balance of Rs. 755 of Rent Received account was shown as Rs. 570.3. The total of Returns Outwards Book amounting to Rs. 200 was not posted tothe Ledger.4
Explanation:
The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.