Question { Bank Of America, 44008 }

what is Dual Accounting

Answer

DUAL ACCOUNTING IS ALSO CALLED AS DOUBLE ENTRY SYSTEM IT
STRARTED IN 1942 BY "LUCAPACLIO" AS PER INDIAN GAAP THE
DOUBLE ENTRY SYSTEM MEANS "EVERY DEBIT THRER MUST BE A
CORRESPONDING CREDIT"
EXAMPLE :

PURCHASED OD GOODS FROM Y AND CO.

IT MAINLY DESRIBES FROM THE GENERAL RULES OF ACCOUNTING

DEBIT THE RECEVIER CREDIT THE GIVER
DEBIT WHAT COMES IN CREDIT WHAT GOES OUT

Question { Bank Of America, 44008 }

what is Dual Accounting

Answer

Accounting method where two entries, one credit and one
debit, are made for each transaction. For example, if an
item of stock is purchased for £100, the payment of £100 is
reflected in the debit account, while the new item of stock
value of £100 is entered in the stock account. Under this
method of accounting assets equal liabilities, and a balance
sheet should balance the two.

Asset=liabilities+owners equity

Question { Bank Of America, 44008 }

what is Dual Accounting

Answer

Double-entry bookkeeping is governed by the accounting
equation. At any point in time, the following (basic)
equation must be true:

assets = liabilities + equity



This can be further expanded and the (extended) equation
becomes:

assets = liabilities + equity + (revenue − expenses)



or

assets = liabilities + (capital − drawings) + (revenue −
expenses)



A = L + C − D + R − E



Finally, the equation may be rearranged algebraically as
follows:

A + E + D = L + R + C

Question { Capital IQ, 85629 }

THE DEBIT BALANCE OF THE P&L A/C IS SHOWN IN WHICH COLUMN
OF BALANCE SHEET

Answer

THE DEBIT BALANCE OF THE P&L A/C IS SHOWN IT CALLED AS THE
REVENUE EXPENDITURE AND THE SAME WILL BE SHOWN IN THE
ASSETS SIDE OF THE BALANCE SHEET IT WILL BE TREATED AS
REVENUE RECEIPT's. so in this the debit balance of the p&l
a/c is shown in the balance shee that is in assets side.


MBA(FRESHER)2008
THIS IS NOT MY OWN ANSWER THIS AS PER INDIAN GAAP EVERY
ONE CAN SEARCH IT!

Question { 14121 }

what is journal?

Answer

Journal this term derive from "journ" is called a day book
it is starting point of accounting cycle where the entry are
written in first time a business a daily transactions in a
understandable manner .

Format of a General Journal Entry
Date Accounts Debit Credit
mm/dd account to be debited xxxx.xx
account to be credited xxxx.xx