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what do you understand by double entry system.
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Answer / rakesh
Double entry system is very important stage in the
accounting according to the double entry system for every
debit there should corresponding credit it means that debit
must be equal to credit.
| Is This Answer Correct ? | 24 Yes | 2 No |
Double entry system, it is self exclamatory. In simple
irrespective nature of a transaction, must have double
effect. That means for debit transaction there must be a
credit transaction.
For instance if written off depreciation from your fixed
asset. The transaction will be like this- deduct the
depreciation value from the Fixed Asset(one transaction)and
as it an expense you need to show it in profit or loss
account(second transaction).This is called double entry
system.
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| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / dawood mamedoff
For more detailed and simplified illustration of how double
entry accounting works I'd recommend the below article:
http://www.myhowtoos.com/en/at-work-howtoos/80-understanding-accounting-basics
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / vamsi krishna
Double-entry accounting is a method of record-keeping that lets you track just where your money comes from and where it goes. Using double-entry means that money is never gained nor lost---it is always transferred from somewhere (a source account) to somewhere else (a destination account).
The main concept to remember, regardless of terminology, is that all transactions involve a transfer of some amount of money from a source to a destination.
| Is This Answer Correct ? | 4 Yes | 1 No |
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Expand---------PRSM
State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
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