Dual aspect is a basic principal of accounting according to which each & every accounting transaction will have two effects one on the debit side and other on the credit side. For example you pay salary in cash to Mr. Ram of Rs. 15,000/-, now the accounting treatment according to the double entry system would be to Debit(Dr.) Salary by Rs. 15,000/- which will appear under the head "Salaries & wages" in the Profit & loss A/c and a corresponding credit(Cr.) the the cash A/c by Rs. 15,000/- which will reduce your cash in hand by Rs. 15,000/- thereby affecting your balance sheet.
Apr 30 2014 04:05 PM