what do you understand by principal of double entry?Give the rules of debit and credit with suitable example.
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heyaa,,,
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what do you understand by principal of double entry?Give the rules of debit and credit with suitable example.
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All businesses, whether they use the cash-basis accounting method or the accrual accounting method, use double-entry bookkeeping to keep their books. Double-entry accounting is a practice that helps minimize errors and increases the chance that your books balance. This method gets its name because you enter all transactions twice.
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¤ Rules for debit and credit;
¤real account;
• Debit what comes in
and credit what goes out.
¤ Nominal account;
•Debit the receiver and
credit the giver.
¤ personal account;
debit all expenses
and credit all incomes.
__________________________
This is all about ........
Hope it helps☺☺☺
___________________________
what do you understand by principal of double entry?Give the rules of debit and credit with suitable example.
___________________________
All businesses, whether they use the cash-basis accounting method or the accrual accounting method, use double-entry bookkeeping to keep their books. Double-entry accounting is a practice that helps minimize errors and increases the chance that your books balance. This method gets its name because you enter all transactions twice.
___________________________
¤ Rules for debit and credit;
¤real account;
• Debit what comes in
and credit what goes out.
¤ Nominal account;
•Debit the receiver and
credit the giver.
¤ personal account;
debit all expenses
and credit all incomes.
__________________________
This is all about ........
Hope it helps☺☺☺
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