Vision classes
- Books Name
- CA Shivali kedia Accountancy Book
- Publication
- CA Shivali kedia
- Course
- CBSE Class 11
- Subject
- Accountancy
There are 2 systems of Accounting
- Double Entry System
Every transaction has 2 effects (Debit and Credit).
Eg 1: One person is receiving, another person is giving
Eg. 2: Suppose Ramesh purchases an office table by giving cash; the office table is coming in and cash is going out.
- Single Entry System
Because every transaction has 2 sides; maintaining accounts on the basis of a Single entry is not considered reliable under the Companies Act 2013. Although small businessmen adopt this method for ease of Accounting.
