Double entry bookkeeping is one of the best and fastest method that helps to maintain the entire records of the company in perfect format. This helps to make the quality documents about the financial entities that help to take the quality decision later.  In this every entry of the accounts requires a corresponding as well as opposite entry related to different account. Here this defines the double entries like debit and credit. The left side always shows the debit and right-hand side always shows the credit entry. We can easily deliver the perfect information to students easily with the help of Bookkeeping assignment writing. We offer the quality according to the need assignment because we know that students are facing so many problems related to quality assistance.

  • Double Entry Book Keeping: Helps you to avoid mistakes. This is one of the biggest reason most of the professional accountant use the concept of the double entry book keeping. This also helps to check the entire balance profits because you easily get the easiest methods to trace the sources of any entry errors. This also provides the more useful and complete information to you that you would get with just a single entry like cheque book. Because every transaction contains both the information about sources and destination, double entry delivers valuable details that can be saved and viewed in report from later.
  • Principle of Double Entry System of Book Keeping: The main principle of the double entry is that for every debit there is a corresponding credit for an equal amount of money and for every credit there is a corresponding debit for an equal amount of money that means every transaction in one account is debited for the amount of the transaction and the other account is credited for the equal amount of the money. We are defining the basic fundamental of this system like.
  1. Two Parties: All the transactions are having two parties like debit or credit.
  2. Giver and Receiver: Every transaction must have one giver and one receiver.
  3. Exchange of equal Amount: the amount of the money of a transaction the party gives is equal to the amount the party receives.
  4. Dual Aspects: Every transaction is mainly divided in to two aspects like left of debit and right for credit.
  5. Result: Under double entry system totality of debit is equal to the totality of credit.

Advantages of Double Entry BookKeeping

  • This gives the best method to maintain a complete record of every transaction classified as assets, liabilities, expenses, revenue, capital and recorded appropriately.
  • This also allows to companies to prepare financial statements easily as it is a scientific system of recording business financial transactions in a set of accounting records.
  • The best part is that trial balance helps to maintain the accuracy of all books of accounts.
  • The financial position of a company ascertained at the end of each accounting period with the help of balance sheet.
  • The matching principle allows the companies to accurately assess the profit earned or loss suffered during a period together with complete details by the preparation of profit and loss accounts.
  • This also helps to check and balance which prevents frauds and misappropriations as complete information about the entire assets and liabilities are recorded.

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