Double Entry System of Book Keeping Assignment Help

Accounting Can Be Fun Too! Expert Advice Is All You Need!

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But first, you need to know the following information about your accounting assignment:

Double entry system of book keeping is the system of recoding every business transaction, in which every transaction will be having a corresponding positive and negative response.

The double entry system of book keeping considers both the transactions into the account including debit and credit entry. Based on both sides of transaction, the doubt entry system thus affects both the ledger accounts under consideration.

In order to figure out that which account will be debited and which account will be credited, it is always important to remember the golden rule of accounting, and its application. In order to follow the track of transactions, it is important of follow accomplish the accounting equation which states, “a=b-c”

Where a=equity, b=assets and c=liabilities

Double entry system of bookkeeping does not provide the guarantee of no errors in the debit or credit transaction. The presence of wrong ledger, account might also be realized in the reserves.

There are basically two approaches:

  1. Traditional (British) approach:

In this approach, the accounts are classified as real, personal and nominal account. These transactions are entered in the books of accounts by applying the following rules of accounting:

  1. Real account: debit comes in, credit goes out
  2. Personal account: debit the receiver, credit the giver
  3. Nominal account: debit all expenses and losses and credit all incomes and gains.
  1. Accounting equation approach

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