4.5.1 - Every transaction has two aspects
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Practice Questions
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What is the Double Entry System?
💡 Hint: Think about how each transaction must reflect on both sides.
True or False: Debits increase liabilities.
💡 Hint: Refer back to the definitions of debit and credit.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What ensures every transaction has equal values on both sides in accounting?
💡 Hint: Think about the basic principle of accounting.
Debits increase which of the following?
💡 Hint: Recall the functions of debits in accounting.
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Challenge Problems
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A company provides services worth ₹12,000 and receives half in cash and half on credit. What are the journal entries for this transaction?
💡 Hint: Break the transaction into parts to reflect cash and credit.
If an owner invests ₹20,000 in cash into the business, what entries would you make?
💡 Hint: Consider how owner investments affect both cash and equity.
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