Question

what are the rules of double entry system
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Answer 1

Answer:

ᴛʜᴇ ᴅᴏᴜʙʟᴇ ᴇɴᴛʀʏ ᴄᴏɴᴄᴇᴘᴛ ɪɴ ᴀᴄᴄᴏᴜɴᴛɪɴɢ

• ᴇᴠᴇʀʏ ʙᴜsɪɴᴇss ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ʜᴀs ᴛᴏ ʙᴇ ʀᴇᴄᴏʀᴅᴇᴅ ɪɴ ᴀᴛ ʟᴇᴀsᴛ ᴛᴡᴏ ᴀᴄᴄᴏᴜɴᴛs ɪɴ ᴛʜᴇ ʙᴏᴏᴋs. ᴀ.
• ғᴏʀ ᴇᴀᴄʜ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ, ᴛʜᴇ ᴛᴏᴛᴀʟ ᴅᴇʙɪᴛs ʀᴇᴄᴏʀᴅᴇᴅ ᴍᴜsᴛ ᴇǫᴜᴀʟ ᴛʜᴇ ᴛᴏᴛᴀʟ ᴄʀᴇᴅɪᴛs ʀᴇᴄᴏʀᴅᴇᴅ.
• ᴛᴏᴛᴀʟ ᴀssᴇᴛs ᴍᴜsᴛ ᴀʟᴡᴀʏs ᴇǫᴜᴀʟ ᴛᴏᴛᴀʟ ʟɪᴀʙɪʟɪᴛɪᴇs ᴘʟᴜs ᴇǫᴜɪᴛʏ (ɴᴇᴛ ᴡᴏʀᴛʜ ᴏʀ ᴄᴀᴘɪᴛᴀʟ) ᴏғ ᴀ ʙᴜsɪɴᴇss.