SS1: Financial Accounting – Principles of Double Entry Bookkeeping

The concept of double entry states that

A trader withdraws money from his business Bank account for personal expenses Which entries record this in his book

Given:
Capital: ₦20,000
Drawings: ₦3,000
Cash purchases: ₦30,000
Cash sales: ₦38,000

What is the cash in hand?

Bariga, a trader started a business with ₦12,000 cash. To record this transaction, debit ___________.

The double entry principle of accounting was developed by

The principle of double entry system ensures

A debit entry in the Cash Account and a corresponding credit entry in Alieu’s Account indicate a 

A trader returns goods to the supplier and receives a refund. Which entries record the refund in the trader’s book?

The principle of double entry developed from the axioms of accounting equation is given as

What is the cardinal rule of the double entry system?