Question

what is double entry system of accounting

Answer 1

Double entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding or and opposite entry to a different account.
The double entry has two equal and corresponding sides know as Debit and Credit.
The left hand side is debit and right hand side is credit. The accounting equation is an error detection tool, if at any point the sum of debit for all accounts does not equal the corresponding sum of credit for all accounts, an error has occurred.

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