Question

Discuss double entry system.​

Answer 1

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.

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Answer 2

Answer:

Hi...

⏩ Double Entry System of accounting deals with either two or more accounts for every business transaction.

⏩ For instance, a person enters a transaction of borrowing money from the bank.

⏩ So, this will increase the assets for cash balance account and simultaneously the liability for loan payable account will also increase.

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