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Slide 2.1
The double entry system
The double entry system of accounting is
characterised by the following features:
• Each transaction requires two entries to be made
• Each transaction requires
– One debit entry
– One credit entry.
Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11th Edition © Pearson Education Limited 2008
Slide 2.2
The accounts for double entry
Each account should be shown on a separate page
in the accounting books.
This is the layout of a page of an accounts book:
Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11th Edition © Pearson Education Limited 2008
Slide 2.3
Rules for double entry bookkeeping
The rules for double entry bookkeeping are outlined
in the following table:
Wood and Sangster, Frank Wood's Business Accounting Volume 1 Power Points on the Web, 11th Edition © Pearson Education Limited 2008
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