What is meant by Double Entry System?

Asked by Last Modified  

Follow 1
Answer

Please enter your answer

I am Searching for new authors ??

In short, the basic principle of this system is, for every debit, there must be a corresponding credit of equal amount and for every credit, there must be a corresponding debit of equal amount.
Comments

Related Questions

Which statement is prepared to know the profitability of the business?
Profitability of a business entity can be estimated through trading p&l account. Where trading account states the gross profit and p&l account states the net profit earned by the entity.
Profile Photo
Sumit
0 0
View Comments8
What are the fixed assets? Give example.
as per as 10 fixed asset is an asset which is beingh kept in the business for the purpose producing goods or rendering services i e that asset is not being held for the purpose of sale in the normal course...
Profile Photo
Vishal
0 0
View Comments5
How many types of GST in India
Four types of GST in our India. 1.SGST 2.CGST 3.UGST 4.IGST
Profile Photo
Subhash Chandra
What is the difference between Bad debts and bad & doubtful debts. What are the legal compliances for the provisions for doubtful debts and bad debts recovered after being written off.
Both are pretty much same.. Bad debts amount to be transferred to P/L a/c (dr side) Baddebts recovered P/L credit side as income Provision on doubtful debts to be deducted from debtors in balance sheet..
Profile Photo
Suneha Sharma
1 0
View Comments7

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Commerce
I can teach 11/12 th commerce all subjects only in kanpur. Teaching for 4 years.
Profile Photo

Accounting for partnership: Basic concept
QUESTIONS: Define Partnership Deed. Answer: A partnership deed is an agreement among the partners which contains ai! the terms of the Partnership. It generally contains the details about all the...
Profile Photo


Class 12- Partnership (Sacrificing Ratio).
Lesson Partnership Sacrificing Ratio At the time of admission of a Partner, the old partners will sacrifice from their profit sharing ratio. For example , a firm has two partners A and B who were sharing...
Profile Photo

Recommended Articles

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

Quality education does not only help children to get a successful career and life, but it also hugely contributes to society. The formal education of every child starts from school. Although there are numerous schools, parents find it challenging to choose the right one that would fit their child. It is difficult for them...

Read full article >

Learning for every child starts from a very young age. While the formal methods include school curriculums and private lessons, the informal methods include dancing, music, drawing, and various fun-filling activities. Playing games and practising these types of activities helps the children get out of boredom and...

Read full article >

With the current trend of the world going digital, electronic renaissance is a new movement that is welcomed by the new generation as it helps makes the lives of millions of people easier and convenient. Along with this rapidly changing movement and gaining popularity of Internet, e-Learning is a new tool that emerging...

Read full article >

Looking for Class 11 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you