Question

(Questions Carrying 1 Mark)
1. What is Double Entry System of Book-keeping?​

Answer 1

The double entry system of book-keeping is where it has two equal and corresponding sides known as debit and credit.

Answer 2

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What is Double Entry System of Book- keeping?

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Double Entry system of accounting is a system of accounting under which both , debit and credit aspects of accounting are recorded. A transaction has two aspects ---------- Debit and Credit and at the time of recording a transaction is recorded at once on the Debit side and again on the credit side.

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For example, at the time of cash purchases good are received and in return cash is paid. In the transaction to effects are involved receiving goods and paying cash and under the double entry system both these aspects are recorded.