Bookkeeper keeps on using the various tactics and techniques of keeping the business balance. One among them is “double entry bookkeeping”. Double entry is the tactic of bookkeeping in which every transaction is made to give two of the opposite evidences on it.
It is a system of accounting in which each and every transaction comes with dual corresponding values. One comes in positive unit and the other in the negative unit. This is how, double entry bookkeeping gives the transactions two parts. And these two parts in turn affect two ledger accounts.
What will be the double entries?
As we are saying double entry bookkeeping will contain dual entries and their effect so a question will arise what these two entries are. Let me clear you that these two entries will be:
i. Debit entry
ii. Credit entry
From the above discussion it is clear that whenever we transact …