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.

Answer / badri narayan

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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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

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.

what is suspense capital a/c? when this type of account will be opened in the books of accounts?

2 Answers  

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Is tds deductible on discount given to customers who book the flats? Eg: If Im a construction company.

2 Answers   Dinesh, Sidharth Construction and Trading,

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Define vouching?

0 Answers  

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what is accounting

2 Answers   Fidelity,

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A company charity (gross income <?250k) wishes to take advantage of the audit exemption regime. However, there is an audit provision in the company's Articles. Should they be required to change the Articles?

0 Answers   eClerx, Supreme Court,

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Alpha Co. issued to the public for subscription 40000 shares of rs 10 each at discount of 10%payable as rs. 2 each on application, allotment and first call and rs.3 on the final call. Applications were received for 60000 shares and allotment was made pro-rata to 80% of applicants. R to whom 2000 shares were allotted paid only the application money, and S who had applied for 3000 shares,paid the entire call money due along with the allotment. pass journal entries to record the above transaction.

0 Answers  

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What are reasons for giving credit note and sales return to customers?

3 Answers  

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Classify the following accounts into Personal Account, Real Account & Nominal Account. Questions Answers 1. Furniture Account 2. Salaries Account 3. Outstanding Wages Account 4. National Trading Co. Ltd’s Account 5. Stationery Account 6. Prepaid Insurance Account 7. Capital Account 8. Interest Account 9. Building Account 10. Purchase Account 11. Cash Account 12. Bank Account 13. Sales Account 14. Commission received in Advance Account 15. Discount Account 16. Drawing Account 17. Loan Account 18. Mysore Store’s Account 19. Repairs to Machinery Account 20. Stock Account 21. Investment Account 22. Loose Tools Account 23. Bangalore Sports Club’s Account 24. Loss of Goods by Fire Account 25. Motor Vans Account 26. International Trader’s Account 27. Goodwill Account 28. Depreciation Account 29. Bad Debts Account 30. Bad Debts Recovered Account 31. Bank Overdraft Account 32. Book Debts Account 33. Purchases Returns Account 34. Sales Returns Account 35. Postage Account 36. Charity Account 37. Carriage Account 38. Rent Account 39. National College’s Account 40. Bills receivable Account 41. Bills Payable Account

12 Answers   Bisleri, Income Tax,

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what r journal entry transaction

1 Answers   Accenture, HP, OPI Global,

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what is the expence for producing 1 megawatt energy

1 Answers  

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Where do you see yourself in 5 years time?

2 Answers   Ernst Young,

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I purchase New DVD for Students, what can treat this expenditure is recurring or non recurring

1 Answers  

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