Basic Accounting procedures-journal Entries
Basic
Accounting procedures-journal Entries
Double
Entry System
ð
Double
Entry system of Book-keeping is accounting technique. It is scientific system of accounting.
ð
According
to it every transaction has two fold aspect-debit and credit and both aspects
are to be recorded in books of accounting.
ð
Suppose
we purchase furniture ofRs.
5,00,000/-. Here two things are
happening-- furniture coming into business and cash is reducing.
ð
So
in double entry system both the aspect are recognized and recorded.
Advantages
of 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
business can be known at the end of accounting period by preparing balance
sheet.
(4) Accounting records can be kept in details which help in control.
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