Question

what do you understand by double entry system explain the principles of double entry system​

Answer 1

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The double-entry system of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.

Answer 2

Answer:

Every transaction involves two parties or accounts – one account gives the benefit, and the other receives it.

Every transaction involves two parties or accounts – one account gives the benefit, and the other receives it.It is called a dual entity of transaction.

Every transaction involves two parties or accounts – one account gives the benefit, and the other receives it.It is called a dual entity of transaction.In every transaction, the account receiving a benefit is debited, and the account giving benefit is credited.

Every transaction involves two parties or accounts – one account gives the benefit, and the other receives it.It is called a dual entity of transaction.In every transaction, the account receiving a benefit is debited, and the account giving benefit is credited.The process of keeping account accepting this dual entity i.e., debiting one account for a definite amount of money and crediting the other account for the same amount, is called a double-entry system.