Double Entry and Concept behind Debit and Credit -Lecture # 4 of Financial Accounting
In this video I will explain about Double entry concept that is a basic concept that is the core of accounting and bookkeeping process. This concept states that every transaction that is to be recorded has a dual effect and follows duality principal. This dual concept can be understood with the help of debit and credit that are always equal. Through this video I will clear the misconception of students who think that debit is plus and credit is minus.
The terms ‘Debit and Credit’ are the bread and butter of Double Entry Bookkeeping and reflect the duality or double-sided nature of all financial transactions. It’s crucial to understand this concept when studying Accounting for Beginners because all transactions generate Credit and Debit entries. At the end of the video, I'll show you the secret to Debits and Credits which will make remembering which side of the Accounting Equation they fall on a piece of cake!
ACCOUNTING BASICS: Debits and Credits Explained
Moreover let me make it clear that in this video I have not discussed the presentation and any method of preparing Journal Entries. I just focused on the logic behind double entry system of accounting and discussed why it is necessary to record every transaction into two parts i.e. Debit and Credit. This lecture is specially for beginners. In coming lectures I will discuss 'Traditional Approach' and 'Modern Approach' of Journal Entries.
In case of any query feel free to contact me on my whats app numbers 0307-9929771/ 0307-9929772. You may also contact me for notes, guess papers or assignments help.
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