Double Entry System

Double Entry system is the part and parcel of Accounting theory.The double-entry system is based on the principle of duality,which means that all events of economic importance have two aspects-sacrifice and benefit, sources and uses-that offset or balance each other.In the double-entry system each transaction must be record with at least one debit and one credit, in such a way that the total amount of debit and total amount of credit equals each other.Because of the way it is designed,the system as a whole always in balance.All sophisticated are based on this principle of duality.

Double Entry

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