How are the entries recorded on the basis of double entry book keeping system. Does these entries have an affect on the financial statements. If yes which are the financial statements that are affected.
8 Replies
CA KHAN AURANGZAIB
(ERP FINANCIAL CONSULTANT)
(85 Points)
Replied 23 March 2010
I do not understand the menaing of your question, please clarify in detail.
SIDHARTH DHIR
(senior articled assistant)
(623 Points)
Replied 23 March 2010
IT IS THE BASIC OF OF ACCOUNTING...........
ANY TRANSACTION YOU RECORD IN YOUR BOOKS SHALL AFFECT 2 ACCOUNTS, THIS IS WHAT DOUBLE ENTRY MEANS...
LET US SAY YOU WITHDREW CASH FROM BANK RS 10000, THEN YOU PASS THE ENTRY
CASH.... Dr
TO BANK
IN THE ABOVE, TWO ACCOUNTS NAMELY CASH AND BANK ARE IMPACTED.
DOUBLE ENTRY IS THE MOST RECOGNISED FORM OF ACCOUNTING.
ANY TRANSACTION...... IT SHOULD IMPACT 2 ACCOUNTS.
SIDHARTH DHIR
(senior articled assistant)
(623 Points)
Replied 23 March 2010
https://en.wikipedia.org/wiki/Double-entry_bookkeeping_system
VISIT THE ABOVE LINK
(Guest)
| Originally posted by : SIDHARTH DHIR | ||
 |
IT IS THE BASIC OF OF ACCOUNTING........... ANY TRANSACTION YOU RECORD IN YOUR BOOKS SHALL AFFECT 2 ACCOUNTS, THIS IS WHAT DOUBLE ENTRY MEANS... LET US SAY YOU WITHDREW CASH FROM BANK RS 10000, THEN YOU PASS THE ENTRY CASH.... Dr TO BANK IN THE ABOVE, TWO ACCOUNTS NAMELY CASH AND BANK ARE IMPACTED. DOUBLE ENTRY IS THE MOST RECOGNISED FORM OF ACCOUNTING. ANY TRANSACTION...... IT SHOULD IMPACT 2 ACCOUNTS. |
 |
agree with sudhir
Murugesan A
(Accounts officer)
(21 Points)
Replied 26 July 2010
dear friends,
How are the entry to recorded - Salary a/c, employee's epf, esi & same payable entry
R.RAMESH NAYAK
(ASST. MANAGER)
(79 Points)
Replied 29 July 2010
wherein both debit and credit aspect of a transaction is recorded. Each transaction has equivalent debit and credit ledger accounts in the account books. EXAMPLE CASH DEPOSITED TO BANK: CR CASH A/C DR BANK A/C.
AVINASH JADHAV
(EXECUTIVE)
(26 Points)
Replied 28 March 2011
WE HAVE PAID THE PENALTY OF RS. 2700.00 TO IT DEPT. FOR A.Y.0607 IN THE F.Y. 10-11. PL. SUGGEST WHICH HEAD TO SELECT FOR THE BOOK OF THIS ENTRY?
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