BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The double-entry system has two equal and corresponding sides known as debit and credit. A transaction in double-entry bookkeeping always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal.

Detailed explanation-2: -Note that each journal entry records both a debit and a credit for every transaction, and the two amounts on either side must equal each other so that the fundamental accounting equation stays in balance.

Detailed explanation-3: -This statement is True. As per the Dual aspect concept, every business transaction has a debit effect with equal and corresponding credit effect which is a base for the double-entry system.

Detailed explanation-4: -Solution. Every debit has corresponding Credit.

Detailed explanation-5: -The principles to be followed while recording the double-entry system of bookkeeping are as follows: Debit is written to the left, credit on the right. Every debit must have a corresponding credit. Debit receives the benefit, and credit gives the benefit.