Double Entry System of Book-Keeping Assignment Help
Double entry system of book keeping is accepted as the most commonly used accounting principle that is applied for maintaining accounts of all profit as well as non-profit organisations. This necessitates the learning of such concepts in a proper manner to ensure its appropriate application in the fields of accounting. However, these accounting concepts are not as easy as they might seem. On the other hand, these are essential for enhancing the knowledge and academic growth of every student. Therefore, only with the accounting assignment help of expert professionals like BookMyEssay it is possible to handle such critical topics with ease and efficiency. Only to assist students in such subject-matters we have created a team to extend our expertise and knowledge for Double Entry System of Book-Keeping Assignment Help.
Knowing the Concepts of Double Entry System of Book Keeping
The most widely accepted financial system of book keeping is the double entry system which focuses on the concept that the entry of a particular financial transaction recorded in two different accounts match with each other and be opposite. This means the debit entry for a particular financial transaction must have an equal and opposite credit entry. If the debit is not equal to the credit it signifies that an error has occurred during the entry which requires correction.
The sum of total assets equal to the summation of total liabilities and equity must be followed by each transaction. The assets of a business organisation must be equal to the claims made against such assets. These claims are the liabilities incurred from the lenders and the equity investment made by the owners.
There are few pros and cons that are associated with this system of book keeping.
The pros are as follows –
- Since every transaction is recorded in terms of debit and credit it enables detection of errors easily.
- The easy preparation of profit and loss account and balance sheet helps to analyze the financial statement for the enterprise.
- Also, the concept of Assets=Liabilities indicate that the books of accounts are prepared in an accurate manner.
The drawbacks are –
- It is a long and tedious process that requires continuous update and that too by professional experts.
- The cost for the company is increased resulting in lower profits.
- If two effects of every transaction is not shown the account remains incomplete.
- Detection of errors and entry mistakes is also a time-consuming affair.
To understand this system it is necessary to have an in-depth knowledge of debit, credit, assets, liabilities, revenues, expenses, common stock and much more. All these can be better explained by our qualified and experienced writers at BookMyEssay and provide you with necessary Double Entry System of Book-Keeping assignment writing help.
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