The double entry system of book-keeping is the recording of the two fold aspect of every transactions of business. The fundamental principle of double entry book-keeping stipulates that, “for every debit entry, there must be a corresponding credit entry and vise-versa”. This statement expresses in technical language the fact that we should record our transactions in accordance with the principles of double entry book-keeping.
On this note, therefore, the receiver is changed or in other words be debited with the value he or she or its receives while other words be debited with the same amount and this in effect being the value of what he or she or it gives.
As will be seen later, the main book of account is known as the Ledger and this is divided vertically into two posts with two (thin) lines. Each side contains thus: (i) the dates, (ii)The particulars Its Formats is thus:
