State the principles of double entry system of book – keeping?

1.	State the principles of double entry system of book – keeping?
Answer» 1. In every business transaction, there are two aspects. 2. The two aspects involved are the benefit or value receiving aspect and benefit or value giving aspect. 3. These two aspects involve minimum two accounts; atleast one debit and atleast one credit. 4. For every debit, there is a corresponding and equivalent credit. If one account is debited . the other account must be credited.

Answer»

1. In every business transaction, there are two aspects.

2. The two aspects involved are the benefit or value receiving aspect and benefit or value giving aspect.

3. These two aspects involve minimum two accounts; atleast one debit and atleast one credit.

4. For every debit, there is a corresponding and equivalent credit. If one account is debited . the other account must be credited.

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State the principles of double entry system of book – keeping?

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