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Explain in detail the theory of Double Entry
System of Book-keeping and Accountancy and
give its advantages.
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Double-entry refers to an accounting concept whereby assets = liabilities + owners' equity. In the double-entry system, transactions are recorded in terms of debits and credits.
Advantages of Double Entry Accounting system
As both the personal and impersonal accounts are maintained under the double entry system, both the effects of the transactions are recorded. It assures arithmetical accuracy of the books of accounts, for every debit, there is a corresponding and equal credit.
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