Double
Entry System:-
It is most scientific,
complete and perfect system of keeping records. Accounting to this system every
business transaction involves two accounts, one receiving the benefit and the
other giving the benefit.
In this system one is receiver and other is giver.
Example:-
Mr. Kaushal purchases goods from
Mr. Ravi
In this transaction:-
Mr. Kaushal is Receiver and
Mr. Ravi is Giver
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