Explain about on double entry system.
Ahemdome Aakash have fever. He comes on brainly for some time only. He has not take food since 2 days yar. Ashu di hi usko mana sakti hain. But vo abhi hain nahi. OK bye. Yar afterwards I will meet you
Answers
Answer:
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.
ᴅᴏᴜʙʟᴇ ᴇɴᴛʀʏ sʏsᴛᴇᴍ♡
ᴅᴏᴜʙʟᴇ ᴇɴᴛʀʏ sʏsᴛᴇᴍ ᴏғ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ᴅᴇᴀʟs ᴡɪᴛʜ ᴇɪᴛʜᴇʀ ᴛᴡᴏ ᴏʀ ᴍᴏʀᴇ ᴀᴄᴄᴏᴜɴᴛs ғᴏʀ ᴇᴠᴇʀʏ ʙᴜsɪɴᴇss ᴛʀᴀɴsᴀᴄᴛɪᴏɴ. ғᴏʀ ɪɴsᴛᴀɴᴄᴇ, ᴀ ᴘᴇʀsᴏɴ ᴇɴᴛᴇʀs ᴀ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ᴏғ ʙᴏʀʀᴏᴡɪɴɢ ᴍᴏɴᴇʏ ғʀᴏᴍ ᴛʜᴇ ʙᴀɴᴋ. sᴏ, ᴛʜɪs ᴡɪʟʟ ɪɴᴄʀᴇᴀsᴇ ᴛʜᴇ ᴀssᴇᴛs ғᴏʀ ᴄᴀsʜ ʙᴀʟᴀɴᴄᴇ ᴀᴄᴄᴏᴜɴᴛ ᴀɴᴅ sɪᴍᴜʟᴛᴀɴᴇᴏᴜsʟʏ ᴛʜᴇ ʟɪᴀʙɪʟɪᴛʏ ғᴏʀ ʟᴏᴀɴ ᴘᴀʏᴀʙʟᴇ ᴀᴄᴄᴏᴜɴᴛ ᴡɪʟʟ ᴀʟsᴏ ɪɴᴄʀᴇᴀsᴇ.
ɪᴛ’s ᴀ ғᴜɴᴅᴀᴍᴇɴᴛᴀʟ ᴄᴏɴᴄᴇᴘᴛ ᴇɴᴄᴏᴍᴘᴀssɪɴɢ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ᴀɴᴅ ʙᴏᴏᴋ-ᴋᴇᴇᴘɪɴɢ ɪɴ ᴘʀᴇsᴇɴᴛ ᴛɪᴍᴇs. ᴇᴠᴇʀʏ ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ʜᴀs ᴀɴ ᴇǫᴜᴀʟ ᴀɴᴅ ᴏᴘᴘᴏsɪᴛᴇ ᴇғғᴇᴄᴛ ɪɴ ᴀᴛ ʟᴇᴀsᴛ ᴛᴡᴏ ᴅɪғғᴇʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛs.
ᴇǫᴜᴀᴛɪᴏɴ ᴄᴀɴ ʙᴇ: ᴀssᴇᴛs = ʟɪᴀʙɪʟɪᴛɪᴇs + ᴇǫᴜɪᴛʏ
ᴀᴅᴠᴀɴᴛᴀɢᴇs ᴏғ ᴅᴏᴜʙʟᴇ ᴇɴᴛʀʏ sʏsᴛᴇᴍ:
- ᴛʜɪs sʏsᴛᴇᴍ ɪɴᴄʀᴇᴀsᴇs ᴛʜᴇ ᴀᴄᴄᴜʀᴀᴄʏ ᴏғ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛɪɴɢ, ᴛʜʀᴏᴜɢʜ ᴛʜᴇ ᴛʀɪᴀʟ ʙᴀʟᴀɴᴄᴇ ᴅᴇᴠɪᴄᴇ
- ᴘʀᴏғɪᴛ ᴀɴᴅ ʟᴏss sᴜғғᴇʀᴇᴅ ᴅᴜʀɪɴɢ ᴛʜᴇ ʏᴇᴀʀ ᴄᴀɴ ʙᴇ ᴄᴀʟᴄᴜʟᴀᴛᴇᴅ ᴡɪᴛʜ ᴅᴇᴛᴀɪʟs
- ʙʏ ғᴏʟʟᴏᴡɪɴɢ ᴛʜɪs sʏsᴛᴇᴍ ᴛʜᴇ ᴄᴏᴍᴘᴀɴʏ ᴄᴀɴ ᴋᴇᴇᴘ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ʀᴇᴄᴏʀᴅs ɪɴ ᴅᴇᴛᴀɪʟ ᴡʜɪᴄʜ ᴇᴠᴇɴᴛᴜᴀʟʟʏ ʜᴇʟᴘs ɪɴ ᴄᴏɴᴛʀᴏʟʟɪɴɢ
- ᴛʜᴇ ʀᴇᴄᴏʀᴅᴇᴅ ᴅᴇᴛᴀɪʟs ᴄᴀɴ ʙᴇ ᴜsᴇᴅ ғᴏʀ ᴄᴏᴍᴘᴀʀɪsᴏɴ ᴘᴜʀᴘᴏsᴇ ᴀs ᴡᴇʟʟ. ᴅᴇᴛᴀɪʟs ᴏғ ᴛʜᴇ ғɪʀsᴛ ʏᴇᴀʀ ᴄᴀɴ ʙᴇ ᴄᴏᴍᴘᴀʀᴇᴅ ᴡɪᴛʜ ᴛʜᴇ sᴇᴄᴏɴᴅ ʏᴇᴀʀ, ᴅᴇᴠɪᴀᴛɪᴏɴs ғᴏᴜɴᴅ ᴀɴʏ ᴅᴜʀɪɴɢ ᴄᴏᴍᴘᴀʀɪsᴏɴ ᴄᴀɴ ʙᴇ ᴡᴏʀᴋᴇᴅ ᴏɴ.
ʜᴏᴘᴇ ɪᴛ ʜᴇʟᴘs ᴜʜ✌
ᴋᴏɴ ᴀᴋᴀᴀsʜ ᴏʀ ᴍᴜᴊʜᴇ ᴋʏᴜ ʏᴀᴀᴅ ᴋᴀʀ ʀᴀʜᴀ ʜᴀɪ? ༶•┈┈⛧┈♛