Which are the final accounts in the Double Entry System?
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Trading account, profit and loss account and Balance sheet
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Double Entry system of accounting deals with either two or more accounts for every business transaction.
Double Entry system deals left-hand side is debit and right-hand side is credit. Debit increases the total quantity of money and credit decreases the amount or value.
In this way to track five kinds of transportations.: Revenues, Expenses, Liabilities, Equities, and Assets.
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