Question
Write short-note on: $(1)$ Transaction of Dual Aspect Concept:
✓
Answer
According to Dual Aspect Concept, every transaction has two fold effect or has a dual impact on the accounting records. $(i)$ From the angle ofbenefit received and $(ii)$ From the angle of benefit given. Thus, 'every receiver is a giver and every giver is a receiver. Thus, for proper recording of transactions, dual effects are necessary. For recording this two-fold effect in the books of accounts, accounting terminology of 'debit’ and credit' are used. The structure of accounting is based on this concept of duality. The fundamental accounting equation or the balance sheet equation will be as under. $A=L+C.$ This accounting equation can be stated as cocept of duality. Understanding fundamental accounting equation will be of utmost use in understanding the entire process of accounting.
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