Question

explain the double entry mechanism With an illustrative example

Answer 1

double entry mechanism is very imp as there are numerous transactions which are to be recorded in the business concern each transaction reveals two aspects one is the debit aspect and other is the credit aspect from the basis of double entry system hence double entry system involves recording of both the aspects one is debit and the other is credit
eg:- cash received from vijay entry will be
cash ac __________ dr :-debit aspect
to vijay ac. :- credit aspect