Features of double entry system

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It was in 1494 that Luca Pacioli the Italian mathematician, first published his comprehensive treatise on the principles of Double Entry System. The use of principles of double entry system made it possible to record not only cash but also all sorts of Mercantile transactions. It had created a profound impact on auditing too, because it enhanced the duties of an auditor to a considerable extent.




It was in 1494 that Luca Pacioli the Italian mathematician, first published his comprehensive treatise on the principles of Double Entry System. The use of principles of double entry system made it possible to record not only cash but also all sorts of Mercantile transactions. It had created a profound impact on auditing too, because it enhanced the duties of an auditor to a considerable extent.

Features of Double Entry System

  • Every transaction has two fold aspects, i.e., one party giving the benefit and the other receiving the benefit.
  • Every transaction is divided into two aspects, Debit and Credit. One account is to be debited and the other account is to be credited.
  • Every debit must have its corresponding and equal credit




Double Entry System Every transaction has two fold aspects, i.e., one party giving the benefit and the other receiving the benefit. Every transaction is divided into two aspects, Debit and Credit. One account is to be debited and the other account is to be credited. Every debit must have its corresponding and equal credit