Basic Accounting procedures journal Entries

Basic Accounting procedures-journal Entries


Double Entry System

  • The double Entry system of Book-keeping is an accounting technique.  It is a scientific system of accounting.
  • According to it, every transaction has twofold aspect-debit and credit and both aspects are to be recorded in books of accounting.
  • Suppose we purchase furniture of Rs. 5,00,000/-.  Here two things are happening-- furniture coming into business and cash is reducing.
  • So in a double-entry system, both the aspect are recognized and recorded.


Advantages of the Double Entry system are as follows:-

(1) By using this system accuracy of accounting can be obtained through trial balance.

(2) The profit and loss of business can be determined.

(3) Financial position of a business can be known at the end of the accounting period by preparing a balance sheet.

 (4) Accounting records can be kept in detail which helps in control.


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