Hello friends, a very cute theoretical chapter is coming in
front of you, double entry system, about which you have
already got all the information.
Sir, what is this double entry system? Have you read the
journal? Yes.
How do you make a journal entry? Debit one account and
credit one account.
Yes, absolutely right.
And how many accounts does the effect of that journal entry
fall on? It falls on two accounts.
Does the total of debit and credit always remain the same?
Yes, it remains the same in the journal entry.
Is this why our trial balance is still coming? Yes, this is
why our trial balance is still coming.
This is the double entry system.
When we record any transaction for the first time in the
journal book, then we do double entry.
We record that one transaction in two places.
Once in the form of debiting an account and once in the
form of crediting an account.
In one journal entry, one account is debited and one is
credited.
This is called the double entry system.
The effect of one entry falls on two accounts.
One is debited and the other is credited.
This is called the double entry system.
There is nothing more to say about double entry.
There is nothing more to say.
What you have seen practically, you just have to understand
that.
The theory written in the books will not work.
When the journal entry was explained, the leisure trial
balance will not work.
Practically, what is written here, you do not have to give
any paper.
It is in the form of notes.
Pay attention to this very carefully.
Double entry system means a complete system of recording
transactions.
Each transaction reveals two aspects.
One debit aspect and one credit aspect.
What are the features?
It maintains a complete record of each transaction by
recording twofold aspects of every transaction.
That is, two aspects of each transaction are recorded.
One debit and one credit.
It ensures that there is a credit for each debit and a
debit for each credit with the equal amount.
What are the stages?
First journal, then leisure, then trial balance and then
final accounts.
Write the advantages and read them.
From here, the double entry system ends.
These things are ending so soon.
Because we have shown you practically what the double entry
system is.
By doing journal entries etc.
You do not have to teach any theory or law.
You have to see the meaning of each word and go.
Okay, sir.
See you in the next clip.
Thank you.