Double Entry System. PDF fileThe double entry system of bookkeeping can be defined as the system of recording transactions having two fundamental aspects one involving the receiving of a benefit and the other giving the benefit in the same set of books In this theory as the two fold aspects of each transaction are recorded therefore it is called double entry system .
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The doubleentry system requires a chart of accounts which consists of all of the balance sheet and income statement accounts in which accountants make entries A given company can add accounts and tailor them to more specifically reflect the company’s operations accounting and reporting needs.
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Everything Has ‘History’ So Is The Double Entry SystemWhat Is Double Entry Accounting System?Features of Double Entry Accounting SystemAdvantages of Double Entry Accounting SystemDouble entry system of booking is an accounting systemwhich recognizes the fact that every transaction has two aspects and both aspects of the transaction are recorded in the books of accounts In other words it recognizes that in order to receive some value an equal value needs to be given Confused! Think like this if you are buying a computer by paying 20000 Rs in cash I.
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A doubleentry accounting system is a complete and scientific accounting system whereas a single entry accounting system is an incomplete and unscientific accounting system In the doubleentry system the trial balance is prepared with the ledger balances with the main purpose of verifying the mathematical accuracy of the account.
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Double entry system is highly systematic that follows certain rules and principles so it is easy to find information about a particular transaction or account quickly when needed by owners management accountants or other employees Almost all accounting standards and laws in the world require the use of double entry system of accounting.
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The double entry system mandates that every business transaction be recorded in at least two accounts Furthermore it requires that the total value of all debits entered in a transaction must batch the total value of all credits otherwise a journal entry.
