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Thursday, March 11, 2021 Preparatory Session 22
Double Entry Accounting System
• In double entry book keeping system every transaction is
noted at twice i.e.
– at two different accounts
– at two different sides
– But with equal amount
So we can say that, “Every Debit There is Corresponding
Credit”.
• Every transaction has two effects just as there are two parties
to every transaction, for e.g. buyer and seller, receiver and
giver, debtor and creditor.
Thursday, March 11, 2021 Preparatory Session 23
Implied Rules of Account