What is Double Entry System of Book-keeping?
Download our app for free and get started
Double entry system refers to a system of accounting in which every transaction affects atleast two accounts simultaneously. One of them is debited and other is credited.
Download our appand get started for free
Experience the future of education. Simply download our apps or reach out to us for more information. Let's shape the future of learning together!No signup needed.*
Similar Questions
- 1View SolutionThe position of a businessman on 30th June 1994 was as follows :
Cash ₹ 5,000; Debtors ₹ 20,000; Machinery ₹ 60,000; Stock ₹ 25,000; Capital ₹ 75,000. Calculate his liabilities. - 2View SolutionWhy do the transactions are entered in a Journal rather than straight into ledger?
- 3View SolutionProprietor of the firm has withdrawn goods for his personal use. The accountant has recorded it as sale in the books of accounts. Is he correct in doing so?
- 4View SolutionGive an example of a transaction due to which owner's capital and an asset will decrease.
- 5View SolutionHari gifted a set of six. T-Shirts (made in his Garments factory) to one of his friend. In which accounts this transaction should be debited and credited?
- 6View Solution
- Purchases Account.
- Cash.
- Capital.
- Salary.
- Interest received.
- Sales Return.
- Machinery.
- Drawings.
- 7View SolutionWhat is an Invoice?
- 8View SolutionGive one advantage of Ledger.
- 9View SolutionCalculate total assets if:
Capital is ₹ 2,00,000; Creditors ₹ 50,000; Revenue during the year ₹ 5,00,000; and Expenses during the year ₹ 4,00,000. - 10View SolutionWhat do you mean by Voucher?