Question

Explain DOUBLE ENTRY SYSTEM...........​

Answer 1

This system was discovered by Lucas pacioli. This system of accounting is based on dual aspect concept .According to this concept they are due to effect of every business transactions which are on two different account on different sides .In anyone account effect in recorded in the debit side and in the other account is recorded on the credit side. Thus for every debit there is a corresponding credit.So every transaction are recorded in two accounts it is called double entry system.

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Answer 2

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•Double entry system :- Double entry system of accounting was developed in the ${15}^{th}$century in Italy.

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•It is a method of arranging accounts in such a way that the dual aspect would be expressed by a debit amount and an equal credit amount.

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•Every business transactions have two aspects" Under the double entry system both the aspects of every transactions are recorded.

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•The double entry system may be defined as the system which recognise the records and both the aspects of transactions.

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