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Meaning and Fundamentals of Double Entry Book-Keeping — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancyMeaning and Fundamentals of Double Entry Book-Keeping2 Marks
Question
Every debit has equal and corresponding credit.
✓

Answer

This statement is True.
Under the Double Entry System, the two-fold effects of each transaction are recorded. Under this system one account is to be debited and another is to be credited with an equal amount.

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