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Double entry system owes its origin to an Italian merchant named Luco Pacioli who wrote the first book entitled 'Depository Computies et Scrituris' on double entry accounting in the year 1494. We have seen earlier that every business transaction has two aspects, i.e., when we receive something we give something we give something else in return. For example, when we purchase goods for cash, we receive goods and give cash in return; similarly in a credit sale of goods, goods are given to the customer and the customer becomes debtor for the amount of goods sold to him. This method of writing every transaction in two accounts is known as Double Entry System of Accounting.
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Explain the reasons of the popularity of double entry system
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Double account system?
Type your answer here double accout system is the system where all the entry has to be kept as a double. ...
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Advantages of double-entry book-keeping system?
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WhAT IS THE Difference between double account system and double entry system?
The difference between double account system and double entry systems are noted below: 1. Double account system is necessary only for Govt. service rendering org. but double entry system is applicable for all types of org. 2. In double account system balance sheet is divided into two part ie; Capital Account, and general balance sheet but in double entry system only one balance sheet is prepared.
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Double account system?
Type your answer here double accout system is the system where all the entry has to be kept as a double. ...
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