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mpmabdu
Jul 13, 2009, 03:09 AM
What is the double entry principle?
rehmanvohra
Jul 13, 2009, 07:31 AM
Each transaction and event has a dual aspect. The rule states that for every debit there must be equal and corresponding credit.

Element ------ Debit -------- Credit
Asset -------- Increase ------ Decrease
Liability ----- Decrease ------Increase
Equity ------ Decrease ------ Increase
Income ---------------------- Increase
Expenses --- Increase