Double Entry System

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