Double Entry System of Accounting

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1 CHAPTER 2 Double Enry Sysem of Accouning Sysem of Accouning \ The following are he main sysem of accouning for recording he business ransacions: (a) Cash Sysem of Accouning. (b) Mercanile or Accrual Sysem of Accouning. (c) Mixed Sysem of Accouning. (a) Cash Sysem of Accouning: Under his sysem, only acual cash receips and cash paymens are recorded. No credi ransaciqll is made for a paymen or receip unil cash is acually received or paid. This sysem usually adoped by he Governmen Organizaions and Financial Insiuions. The non-rading concerns are preparing Receips and Paymen Accouns based on he Cash Sysems Accouning. (b) Mercanile or Accrual Sysem of Accouning: Under his sysem, all business ransacions are recorded in he books of accouns for a paricular period inclusive of cash receips and cash paymens or any amoun having become due for paymen or receip. In oher words, boh cash ransacions and credi ransacions are recorded in he books of accouns. (c) Mixed Sysem of Accouning: This sysem is applicable only where a concern adoping combinaion of Cash Sysem and Mercanile Sysem. Under Mixed Sysem of Accouning, some records are made under cash sysem whereas ohers are recorded under mercanile sysem. Furher, Accouning records can be prepared under anyone of he following sysem: 1. Single Enry Sysem. 2. Double Enry Sysem. (1) Single Enry Sysem: Under his sysem, all ransacions relaing o a personal aspec are recorded in he books of accouns bu leaves all impersonal ransacions. Single Enry Sysem is based on he Dual Aspec Concep and is incomplee and inaccurae.

2 8 A Texbook of Financial Cos and Managemen Accouning (2) Double Enry Sysem: This sysem was inroduced by Iuco Pacioli, an Ialian merchan during he year According o his sysem, every ransacion has wo aspecs. Boh he aspecs are recorded in he books of accouns. Accordingly one is giving aspec and he oher one is receiving aspec. Each aspec will be recorded in one accoun and his mehod of wriing every ransacions in wo accouns is known as Double Enry Sysem of bookkeeping. For example, Purchase of machinery for cash, in his ransacion receiving machinery is one aspec is said o be an accoun is debied and giving cash is anoher aspec is said o be an accoun is credied wih an equal amoun. Thus, he basic principle of his sysem is ha for every debi here mus be a corresponding and equal credi and for every credi here mus be a corresponding and equal debi. Advanages of Double Enry Sysem (1) This sysem provides informaion abou he concern as a whole. (2) I is possible o evaluae he operaional efficiency of he concern. (3) This sysem helps o ascerain he profi or loss by preparing profi and loss accoun and balance shee. (4) Accuracy of accouning records can be verified by preparing a Trail Balance. (5) This sysem helps o know he financial posiion of a concern for a paricular period. (6) I provides informaion for meeing various legal requiremens. (7) The values of asses and liabiliies can be known a any ime by preparing he balance shee. Facors Common o Every Business In order o undersanding he Double Enry Sysem, i is essenial o consider he following imporan facors which are common o every business. (1) Every business has o ener ino business ransacions wih a number of persons or firms. To record he ransacions dealing wih whom, accouns are opened in he name of each person or firm. Such accouns are known as Personal Accouns. (2) Every business mus necessarily have cerain asses such as buildings, socks, cash ec. for carrying on is aciviies. Therefore, an acc.oun of each asse is opened and such accoun is known as Real or Propery Accouns. (3) Every business earn incomes and gains in various sources and cerain expenses and losses incurred o carry on is aciviies. Therefore, an accoun of each expense and income or gain is opened in he books. Such accouns are known as Nominal or Facious Accouns. Types of Accouns In order o keep a complee record of all ransacions in he business he following are he imporan ype of accouns, namely: I. Personal Accoun (a) Naural Person's Accouns. (b) Arificial Person's Accouns. (c) Represenaive Personal Accouns.

3 Double Enry Sysem of Accouning II. Impersonal Accouns (1) s (a) Tangible s. (b) Inangible s. (2) Nominal Accouns The following char gives more explanaion abou he ypes of accouns: 9 Types of Accouns ~ ~ Personal Accouns * Impersonal Accouns ~ Naural Arificial Represenaive Person's Person's Personal AcCouns Accouns Accouns I. Personal Accouns Real ACCOUrS Tangible Real Accouns Nominal Accouns r---l ,~ Inangible Real Accouns An accoun recording ransacions of business deals wih person or firms or company is known as Personal Accoun. I akes he following forms: (a) Naural Person's Accoun: Naural Person's Accouns are mean for recording ransacions of business deals wih individual persons. For example, Thomas Accoun, Raman's Accoun, Nancy Accoun ec. (b) Arificial Persons or Legal Bodies: An accoun recording financial ransacion of business deals wih an arificial persons or legal bodies creaed by law or oherwise called an Arificial Personal Accoun. For example, Firm's Accoun, Limied Companies, Bank Accoun ec. (c) Represenaive Personal Accoun: An accoun indirecly represening a person or persons is known as a Represenaive Personal Accoun. All accouns recording financial ransacions of ousanding expenses and accrued or prepaid incomes are Represenaive Personal Accoun. For example, Salaries Ousanding Accoun is a personal accoun represening salaries payable o he saff. II. s (or) Propery Accouns refers o an accoun recording financial ransacions of business conneced wih asses is known as or Propery Accouns. The s may be Tangible and Inangible. Tangible refers o an accoun relaes o an asse which can be ouched, fel and measured. For example, Building, Goods, Furniure, Machinery ec. On he oher hand, Inangible refers o an accoun which relaes o an asse which canno be ouched and measured physically. For example, Trade Mark, Goodwill, Paen, Copy Righs ec. III. Nominal Accoun Nominal Accouns are recording ransacions of business conneced wih expenses, incomes, profi or losses ec. are known as Nominal Accouns. For example, Ren Accoun, Salaries Accoun, and Ineres Accoun, ec.

4 10 A Texbook of Financial Cos and Managemen Accouning Accouning Rules According o Double Enry Sysem of accouning every ransacion of he business has wo aspecs. The ransacion should be recorded in he books of accouns according o he wo aspecs. The wo aspecs are: (1) Receiving Aspec oherwise known as Debi Aspec. (2) Giving Aspec oherwise known as Credi Aspec. Thus, every ransacion involves wo aspecs: (1) Debi Aspec. (2) Credi Aspec. There are hree differen rules for making enries under Double Enry Sysem in respec of Personal Accoun, and Nominal Accoun. (1) Personal Accoun: (2) : (3) Nominal Accoun: Debi he Receiver Credi he Giver Debi Wha comes in Credi Wha goes ou Debi all expenses and losses Credi all incomes and gains The rule of double enry are show in he following char: Accouns ~ Personal Accoun * * Debi Credi Debi Credi Receiver Giver Wha comes in Wha goes ou Nominal Accoun Debi Expenses & Losses Credi Gains & Incomes Illusraion: 1 From he following ransacions find ou he naure of accoun and also sae which accoun should be debied and which accoun should be credied: (1) Salary paid (2) Ineres received (3) Machinery purchased for cash (4) Building sold (5) Ousanding salary (6) Received cash from Ramesh (7) Proprieor inroduced capial (8) Dividend received (9) Commission paid ( 10) Furniure purchased for cash

5 Double Enry Sysem of Accouning Soluions: Analysis of Transacions Transacions Accouns Types of Accouns Rules of Debi and Credi Involved (1) Salaries Salary Nc Nominal Debi all expenses and losses (2) Ineres received Cash Nc Real Debi wha comes in Ineres Nc Nominal Credi all incomes and gains (3) ~achinery Purchase ~achinery Nc Real Debi wha comes in (4) Building Sold Cash Nc Real Debi wha comes in Building Nc Real Credi wha goes ou (5) Ousanding Salary Salary Nc Nominal Debi all expenses and losses ' Ousanding Salary Nc } Personal Credi he giver (6) Received cash Cash from Remesh } Cash Nc Real Debi wha comes in Ramesh Nc Personal Credi he giver (7) Capial inroduced Cash Nc Real Debi wha comes in Capial Nc Personal Credi he giver (8) Dividend received Cash Nc Real Debi wha comes in Dividend Nc Nominal Credi all incomes and gains (9) Commission paid Commission Nc Nominal Debi all expenses and losses (10) Furniure purchased Furniure Nc Real Debi wha comes in Illusraion: 2 Classify he following under Personal, Real and Nominal accouns: (1) Sock. (5) Ineres. (9) Prepaid Ineres. (13) Salary Prepaid. (17) Building. Soluion: (2) (6) (10) (14) (18) Loan. (3) Insurance. (4) Salary. Bank. (7) Cash. (8) Capial. Salary Ousanding. (11) Drawing. (12) Bank Overdraf. Fixures. (15) Bills Receivable. (16) ~achinery. Goodwill. 11 (1) Sock (2) Loan (3) Insurance (4) Salary (5) Ineres (6) Bank (7) Cash (8) Capial (9) Prepaid Ineres (10) Salary Ousanding (11) Drawings (12) Bank Overdraf = = Nominal Accoun = Nominal Accoun = Nominal Accoun =

6 12 A Texbook of FiTlllncial Cos and Managemen Accouning (13) (14) (15) (16) (17) (18) Salary Prepaid Fixures Bills Receivable Machinery Building Goodwill = = = Personal Accoun QUESTIONS 1. Wha are he imporan sysem of accouning? 2. Wha do you undersand by Double Enry Sysem? 3. Explain he advanages of Double Enry Sysem. 4. Explain he hree imporan ypes of accouns. 5. Wha do you undersand by Accouning Rules? 6. Wrie shor noes on: (a) Singl~ Enry Sysem (b) Double Enry Sysem (c) Personal Accouns (d) Nominal Accouns 7. Classify he following under Personal Accoun, and Nominal Accoun: (I) Cash Accoun. (2) Bank Accoun. (3) Capial Accoun. (4) Drawing Accoun. (5) Salaries Accoun. (6) Ren Accoun (7) Invenory Accoun. (8) William Accoun. (9) Goodwill Accoun. (10) Commission Accoun. [Ans: Personal Accoun 2, 3, 4, 8; 1,7,9; Nominal Accoun 5, 6, 10.] 8. Which accoun is o be debied and credied in he following ransacions? (I) Cash from Ramesh (2) Ren paid in cash (3) Goods purchased by cash (4) Salary paid by cheque (5) Bough furniure from Prem on credi (6) Received cash from Kumar (7) Cash paid o Ramesh (8) Goods sold o Ramesh (9) Cash paid in o Bank [Ans : (I) Debi Cash Alc and Credi Ramesh's Alc (2) Debi Ren Alc and Credi Cash Alc (3) Debi Purchase Alc and Credi Cash Alc (4) Debi Salary Alc and Credi Bank Alc (5) Debi furniure Alc and Credi Prem's Alc (6) Debi Cash Alc and Credi Kumar's Alc (7) Debi Ramesh Alc and Credi Cash Ale (9) Debi Bank Alc and Credi Cash Alc] 9. Wha accouns should be debied and credied in he following ransacions? (I) Goods sold for cash (2) Goods sold o Siva on Credi (3) Cash paid o Ramesh (4) Cash paid in o Bank (5) Goods purchased for cash (6) Goods purchased from Ram on Credi (7) Ineres received on invesmen (8) Drew cash from bank for office use (9) Paid ren in cash (10) Discoun received on sales (II) Received cash from Ramesh (12) Sared business wih cash [Ans : (I) Debi Cash Alc and Credi Sales Alc (2) Debi Siva's Alc and Credi Sales Alc (3) Debi Ramesh's Alc and Credi Cash Alc (4) Debi Bank's Alc and Credi Cash Alc (5) Debi purchase Alc and Credi Cash Alc (6) Debi purchase Alc and Credi Ram's Alc (7) Debi cash Accoun and Bank's Alc (9) Debi Ren Alc and Credi Cash Alc (10) Debi Cash Alc and Credi Sales Alc (11) Debi Cash Alc and Credi Ramesh's Alc (12) Debi Cash Alc and Credi Capial Alc] 000

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