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Introduction to Booking Keeping and Accounting | Week 111 Topics1 Quiz
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Introduction to Books of Accounts | Week 26 Topics1 Quiz
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Subsidiary Books of Account I | Week 34 Topics1 Quiz
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Subsidiary Books of Account II | Week 44 Topics1 Quiz
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Principles of Double Entry Bookkeeping | Week 52 Topics1 Quiz
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Cash Book | Week 66 Topics1 Quiz
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Petty Cash Book | Week 71 Topic1 Quiz
Topic Content:
- Definition of Double Entry Principle
- Summary of the Double Entry Principle
- Advantages of Double Entry Principle
- Differences between Debit and Credit Entry
What is the Double Entry Principle?
The principle of Double entry States that for every ” debit entry “, there must be a corresponding ” credit entry ” and vice versa . It is the foundation of bookkeeping.
The entries in the cash book and other original books use the double-entry principle. It is applicable to ledger accounts.
The principle operates on the basis that every financial transaction must have two aspects.
Summary of the Principle:
- Dr ____ The Receiver (Receiving Account)
- Cr ____ The Giver (Giving Account)
The Procedures to be followed are:
- The keeping of books of account.
- The division of each book into
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