Double Entry System of Accounting Assignment Help

Online Double Entry System of Accounting Assignment Help

An Introduction to Double Entry System

The double entry system of bookkeeping or accounting is grounded on the fact that every business transaction fetches a couple of financial transformations in business, known as debits or credits. These debits and credits are maintained in a couple of or more dissimilar accounts making use of some rules, recognized as rules of debit plus credit. Students who have taken accounting as their subject often come across completing assignments on Double Entry System of Accounting. Most of the students fail in this assignment because they lack enough knowledge on this topic. When students require Double Entry System of Accounting assignment help, they believe only in the writers of BookMyEssay. For many years, our assignment provider have been writing assignments on different topics, and so, assessment writing turns as a pretty easy job to them. When students get Double Entry System of Accounting assignment help from our writers, they manage to get impressive grades in their papers.

Learn about the Concept of Double Entry System of Accounting

The very first book that was written on the double entry system was by an Italian mathematician, named Fra Luca Pacioli plus his friend Leonardo da Vinci. However, Padioli and da Vinci never claimed that they were the inventors of the double entry system, but they indeed explored the utilization of these concepts in a more organized and efficient manner. In a double entry system, each debit entry must be accompanied by a credit entry. Again, every credit entry ought to have a corresponding debit entry. This is considered the fundamental principle behind the double entry system.

The double entry system can be divided into three stages that are as follows:

• Original records – The transactions get recorded in a book which is called journal, and this journal is further divided into different subsidiary books that are cash journal, sales journal, purchases journal, etc. The number of secondary books that must be maintained by a business is dependent on its size and nature.
• Classification or ledger accounts – In the subsequent or the second stage, every transaction related to the same thing or person are collected plus stored in a statement, known as an account. Again, the book where these classed accounts are stored is called ledger.
• Summary or profit and loss account plus balance sheet – After some periods, the ledger accounts get balanced plus a statement known as trial balance is made which is used to calculate profit or loss plus determine the financial place of the business.

Double Entry System of Accounting Benefits

The essential advantages of implementing a double entry system are given below:

• With this system, you can prepare a trial balance, and this is done for checking the accuracy of arithmetic of all the accounting entries. This method is also used to find out operating outcomes by the preparation of income statement plus determine the financial position of business by the preparation of a balance sheet.
• This entry system is viewed as the most useful and advanced form of maintaining accounting records, and it is used extensively by companies from all over the world.
• The double entry system is very much systematic which follows some rules plus principles, and this is why; it is useful to get information regarding a specific transaction quickly when it is required by the management, owners, or accountants.
• Nearly all the accounting laws and standards in the world need the usage of double entry system. When a company fails to obey this requirement, then the auditors do not accept the financial reports of that company.

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