JAMB - Accounts Principles Of Accounts (2019 - No. 41)
The rules of double entry states that
for every debit entry, there must be a corresponding debit entry
for every credit entry, there must be a corresponding credit entry
all transactions must be recorded in two accounts, one account is debited and another is credited
all transaction must be credited
Explanation
Double entry system is the entry of debit and credit for each transaction in the ledger. Hence the double entry rules states that "debit the receivers, credit the giver".
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