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प्रश्न
Explain the concept of The Dual Aspect Principle.
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उत्तर
This principle suggests that every debit has a corresponding and equal credit. There must be a giver of benefit and also a receiver of the same. Suppose X purchases a car for ₹ 3,00,000. He will get the car and will pay cash ₹ 3,00,000. So one account (car) will be debited and another account (cash) will be credited with the same amount. This principle has given rise to the double entry system. It is due to this principle that both the sides of the Balance Sheet are equal and the accounting equation is always true, i.e.,
Capital = Assets - Liabilities
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संबंधित प्रश्न
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
Justify the following:
Every transaction is recorded in at least three accounts.
Accounting principles are necessary due to which of the following reasons?
This principle suggests that every debit has a corresponding and equal credit.
“Firms live forever.” Explain with reference to the concept of accounting.
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
"Every transaction affects at least three accounts." Comment.
Explain any two basic concepts of accounting.
Explain Accounting Period Concept.
Explain the complete disclosure principle.
