ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING :- 23rd BLOG   ☆☆☆ACCOUNTING☆☆☆ Hi freinds.,  🙏 Today's discuss 6th concept of accounting....                                              So let's discuss .....      ★ DUAL ASPECT CONCEPT :- Dual aspect is the foundation or basic principle of accounting. It provides the very basis of recording business transactions in the books📚 accounts. This concept assumes that every transaction has a dual effect, I.e. it affects two accounts in their respective opposite sides. Therefore, the transaction should be recorded at two places. It means, both the aspects of the transaction must be recorded 🔘 in the books of accounts.                   Thus the duality concept is commonly expressed in terms of fundamental accounting equation 👉                [Assets = Liabilities + capital]   The above accounting equation states that the assets of a business are always equal to the claims 🛄 of owner/owners and the outsiders. This claim is also termed as capital or owners e