PRINCIPLES AND PRACTICE OF DOUBLE ENTRY
CONTENT
- The Concept of Double Entry System
- Review of Double Entry With Comprehensive Illustrations
The Concept of Double Entry System
Among the oldest known and indisputable principles of accounting is the Double Entry principle.
The principle states that, ‘for every debit entry there must be a corresponding credit entry’, which in everyday English means that for every receiver there must be a giver.
The receiver is always regarded as the Debtor whiles the giver as a creditor under this principle.
As far as double entry principle is concerned, there must always be two parties to a transaction. One entry at the debit side for the debtor or the receiver and the other entry at the credit side for the creditor or the giver.
Review of Double Entry With Comprehensive Illustrations
The Principles of Double Entry
The double entry principles applied by observing two rules. The rule states that debit all receiver, credit all giver; meaning that, the double entry system of book keeping will be used for recording transactions in the ledgers.
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