The following are some of the rules when recording a business transaction in the form of a journal entry:
- There should be two accounts one each for debit and credit.
- Debits are listed first and then the credits.
- The debit amount shall be equal to the credit amount.
- Difference Between Cash Basis and Accrual Basis of Accounting
- Accrual Basis of Accounting
- GAAP Generally Accepted Accounting Principles
- Applicability of IND AS
- Difference Between IFRS and IND AS
- Difference Between GAAP and IFRS
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