Question

that is caulele entry system what are its feature
rules, merits and demerits?
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Answer 1

Explanation:

Double entry system of accounting is more than 500 years old. In 1494, an Italian mathematician Luca Pacioli published Summa de Arithmetica, Geometria, Proportioni, et Proportionalita(“Everything about Arithmetic Geometry and proportions”). This is the first book that described a double entry accounting system.

This system of book-keeping has emerged in the process of evolution of various accounting techniques. It is the only scientific system of accounting. According to it, every transaction has two-fold aspects–debit and credit and both the aspects are to be recorded in the books of accounts. Therefore, in every transaction, at least two accounts are affected.

For example, on purchase of a computer either the cash balance will be reduced or a liability to the supplier will arise. and new asset computer is acquired.