| ISBN: | 9788176134682 |
| FORMAT: | Paper Back |
| YEAR: | 2023-2024 |
| PAGES: | 288 |
The main rule for the double-entry system entry is 'debit the receiver and credit the giver'. The debit entry for a transaction will be on the left side of the general journal, while the credit entry will be on the right side of the journal.
Debits and credits are essential to the double entry system. In accounting, a debit refers to an entry on the left side of an account ledger, and credit refers to an entry on the right side of an account ledger.
The five basic elements of accounting are as follows:
- Assets. Assets are the resources which the businesses use to conduct their activities. ...
- Liabilities. Liabilities are a group of items which are obligations to the business. ...
- Expenses. ...
- Revenues. ...
- Owner's equity.
Tags: cbse, CBSE class 11, chemistry, Chemistry-CBSE, class 12, Class XII, good quality CBSE