Business transactions are recorded in two different ways.
Single Entry: It is incomplete system of recording business transactions. The business organization maintains only cash book and personal accounts of debtors and creditors. So the complete recording of transactions cannot be made and trail balance cannot be prepared.
Double Entry: It this system every business transaction is having a twofold effect of benefits giving and benefit receiving aspects. The recording is made on the basis of both these aspects. Double Entry is an accounting system that records the effects of transactions and other events in at least two accounts with equal debits and credits
Different Steps involved in Double entry system
This blog written by Ms. Shalini Chauhan (Accounts Trainer at Vtech Academy of Computers)- ACCOUNTS | FINANCE | BANKING | INSURANCE Career Courses