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What is double-entry accounting?

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posted Jul 20 by Anurag Kashyap

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2 Answers

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The double entry system of accounting or bookkeeping means that every business transaction will involve two accounts (or more). For example, when a company borrows money from its bank, the company's Cash account will increase and its liability account Loans Payable will increase.

answer Jul 21 by Ritika Sharma
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**

  1. IN Double entry system every transaction have two effect . debit and
    credit effect.
    PURCHASED A/C DR 1000
    **TO CASH A/C CR 1000

**

answer Jul 29 by Richa Newatia
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