Bookkeeping - Accounting - Objective of Accounting - Forms of Business
Bookkeeping Definition Bookkeeping is the keeping of books of accounts in a systematic way. It is the first part of Accounting. We record daily transaction in it. Example: Mr. A sold goods to A for Rs. 500. We record this transaction in Book or Journal . Recording aspects of this transaction is called Bookkeeping. Bookkeeping has two types because there are Debit and Credit in Accounting which an accountant and Bookkeeper must consider while recording Transactions in the books of accounts. Types of Bookkeeping 1. Double Entry System of Bookkeeping In which Double Entry System is followed. For Every Debit accounts, there must be Credit accounts in a n Entry . 2. Single Entry System of Bookkeeping In which Single Entry System is followed. Either only one aspect of transactions is recorded or Debit and Credit accounts are not completely recorded...