What is meant by Double Entry System?

Asked by Last Modified  

1 Answer

Learn Accountancy +1 Class XI-XII Tuition (PUC)

Follow 1
Answer

Please enter your answer

Priyanka Shanmugam

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
Dislike Bookmark

Related Questions

X has made the following drawings during 2014-15. Calculate interest on drawings @90% .

1.Rs. 4000 withdrawn by X on the first day of every month with effect from 1-5-14 for four month

2. From September 2014 he withdraw RS 6000 pm in the middle for each month till December

3. On 1-2-15 he, withdrew RS 10000

4. On 31-3-15 he withdraw RS 5000.
Yes, the interest rest must be 9% to achieve the correct answer,. May be a typing mistake.
Shilpi
Define Matrix.
Collection of numbers arranged in rows and columns.
Deepti
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.
Sumit
0 0
8
What is the difference between amalgamation and absorption?
Amalgamation is the process of two or more companies joining together to form a new one. Think of Maruti India and Suzuki Japan amalgamating to form Maruti Suzuki. Absorption is when one company acquires...
Akash
0 0
5

What is matching concept in acvount? 
Cost should match with revenue for that period
Harender

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

Ask a Question

Related Lessons

What is Co- Branding?
Co branding is the utilization of two or more brands to name a new product. The ingredient brands help each other to achieve their aims. The overall synchronization between the brand pair and the new product...

Kousiki Chakraborty

1 0
0
Rules Shaping Financial Reporting Standards

Shashi Shankar

0 0
0
Flow chart for Provisions relating to Interest on Capital/ How to understand how much interest on Capital to take?
You have to undertake 3 step verification for identification of provisions relating to interest on capital: 1. Is Interest on capital a Charge in the question mentioned; YES- Take full amount of Interest...

Madhura sagar G.

0 0
0
Introduction to Chess
Chess is a game played on 64 square board which is a combination of two colours, usually black and white (nowadays different colours chess boards are available like green and white, yellow and brown). The...
D

Deleted User

0 0
0
Introduction To Accounting: Part 11: Accrual Concept
According to the Accrual Assumption, a transaction is recorded in the books of account at the time when it is entered into and not when the settlement takes place. For Example, if goods are sold...

Nishant Kumar

0 0
0

Recommended Articles

6 Healthy Habits of School Children

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 >

How To Choose The Right School For Children?

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 >

5 Engaging Activities For Children To Get...

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 >

Top Benefits of e-Learning

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 >

Find Class 11 Tuition near you
Class 11 Tuition in Delhi
Class 11 Tuition in Bangalore
Class 11 Tuition in Hyderabad
Class 11 Tuition in Kolkata
Class 11 Tuition in Mumbai
Class 11 Tuition in Chennai
Class 11 Tuition in Pune
Class 11 Tuition in Gurgaon
Class 11 Tuition in Noida
Class 11 Tuition in Ghaziabad

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