Rules For Double Entry System Of Accounting With Examples

Double access system of accounting is based on the dual aspect concept. It includes two aspects, they are Debit aspects and Credit aspects. Debit Aspects- This includes either Receiving aspects, incoming aspects or Expenditure aspects, they are known as Debit aspects. Credit Aspects- The another aspects may be Giving aspects, outgoing aspects or income aspects. They are known as Credit aspects.

There are three specific stages are carries a complete system of dual entry. Recording of transactions in the journal. Posting of journal access in to the respective ledger accounts and then preparing a trial balance. Closing of books of accounts and preparing final accounts. An account is statement which is a record of transactions relating to a person, or a firm, or a house, or a responsibility, or an costs or income. There are three types of rules for double entry system.

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Under this statement, a separate account shall be prepared for every person. It offers Natural peron’s account, Artificial person’s account and representative personal accounts. Under the real account, a separate account will create for every class of asset or property. There will have an account relating to a property, a secured asset or a possession of property. These includes the expenditures and loss or earnings and benefits of business.

1. Under Double entry system, continues a whole record of business transactions. 2. This provides complete information about the business. 3. This has the service of checking mathematical precision of books of accounts. 4. It reveals the loss or profit of the business for a given period. 5. This enables the business man to plan, control and take necessary actions in his procedures.

6. It avoids likelihood of scams or misappropriation of accounts. 7. This system is flexible based on the nature of business. 8. This technique is accepted by the taxes regulators. 9. Actual net revenue can directly be calculated. 1. It isn’t suitable to reveal everything of a deal which is not properly recorded in the journal.

2. If there is any mistakes in the transactions documented in the books, it is difficult to detecting the mistakes. 3. This system required more clerical labour. 4. When there is any compensatory mistakes, it is not suitable to discover by this system. These all will be the Benefits and drawbacks of Double entry system of accounting.

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