Double Entry System — Chapter Summary
NIOS · Class 10 · Accountancy
Summary of Double Entry System for NIOS Class 10 Accountancy. Part of the NIOS Class 10 Accountancy syllabus. Double entry system is the most scientific.
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Overview
Double entry system is the most scientific and complete method of recording business transactions. Every transaction has two aspects: one account receives the benefit and another account gives the benefit. Under this system, every transaction is recorded in at least two accounts, once as a debit and
Key Concepts
Every business transaction is recorded
Every business transaction is recorded in at least two accounts. One entry is made on the debit side and an equal entry is made on the credit side.
Every transaction has a receiving aspect
Every transaction has a receiving aspect and a giving aspect. The receiving aspect is debited and the giving aspect is credited according to the rules
Accounts are classified under the traditional
Accounts are classified under the traditional approach as Personal, Real, and Nominal accounts. Under the modern approach they are classified as Asset
Personal Account
Personal Account: Debit the Receiver, Credit the Giver. Real Account: Debit what comes in, Credit what goes out. Nominal Account: Debit all expenses a
Asset Account
Asset Account: Debit means increase and Credit means decrease. Liability Account: Debit means decrease and Credit means increase. Capital Account: Deb
Learning Objectives
- Understand the meaning of double entry system
- Identify the two aspects of every business transaction
- Learn the classification of accounts under traditional and modern approaches
- Apply the rules of debit and credit correctly
- Recognise source documents and their importance
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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