Answer :

In double accounting system primary accounting is done in journal and then data is classified like what is sales, what are expenditures etc. ledgers are prepared for different accounts and based on the final trial balance, profit and loss statement and balance sheet is prepared which is used to ascertain the financial position of the company.

Rate this question :

How useful is this solution?
We strive to provide quality solutions. Please rate us to serve you better.
Try our Mini CourseMaster Important Topics in 7 DaysLearn from IITians, NITians, Doctors & Academic Experts
Dedicated counsellor for each student
24X7 Doubt Resolution
Daily Report Card
Detailed Performance Evaluation
caricature
view all courses
RELATED QUESTIONS :

Describe the mainRajasthan Board - Social Science

“In Double AccounRajasthan Board - Social Science

Write two featureRajasthan Board - Social Science

Mention four objeRajasthan Board - Social Science

Describe the mainRajasthan Board - Social Science

What do you underRajasthan Board - Social Science

“Mahajani AccountRajasthan Board - Social Science

What is called acRajasthan Board - Social Science

which stage of doRajasthan Board - Social Science

Give the name of Rajasthan Board - Social Science