Discuss double entry system.
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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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⏩ 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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