Question

what can be the two simple entries for these questions? one example bank account opened by depositing $2000 then effect 1 - cash goes out - cash A/c effect 2 is bank is receiver - bank A/c same way Q1 is purchase made of $1200.. Q2 - paid $500 for carriage Q3- goods of $200 destroyed in fire​

Answer 1

Answer:

Every economic entity must present its financial information to all its stakeholders.  The information provided in the financials must be accurate and present a true picture of the entity. For this presentation, it must account for all its transactions. Since economic entities are compared to understand their financial statuses, there has to be uniformity in accounting. To bring about uniformity and to account for the transactions correctly there are three Golden Rules of Accounting. These rules form the very basis of passing journal entries which in turn form the basis of accounting and bookkeeping.

Types of accounts

Golden rules of accounting

Conclusion

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