Basic Accounting procedures-journal Entries

Basic Accounting procedures-journal Entries

Double Entry System

ð  Double Entry system of Book-keeping is accounting technique.  It is scientific system of accounting.

ð  According to it every transaction has two fold aspect-debit and credit and both aspects are to be recorded in books of accounting.

ð  Suppose we purchase furniture  ofRs. 5,00,000/-.  Here two things are happening-- furniture coming into business and cash is reducing.

ð  So in double entry system both the aspect are recognized and recorded.

 

Advantages of Double Entry system are as follows:-

(1) By using this system accuracy of accounting can be obtained through trial balance.

(2) The profit and loss of business can be determined.

(3) Financial position of business can be known at the end of accounting period by preparing balance sheet.

 (4) Accounting records can be kept in details which help in control.

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