What is dual aspect concept with example

There are two types of equities which are.A vital aspect of overall financial accounting definition, dual aspect accounting features can be a little difficult to understand unless explained with its equation and relevant examples.That means dual aspects concept tells every transaction affects the business in at least two aspects which are equal and opposite in nature.This follows from the basic accounting equation which is:The dual aspect concept states that every business transaction requires recordation in two different accounts.

Liabilities are the rights of the creditors.According to this concept, the basic accounting equation is as follows.For example, an owner introduced a capital of rs.Debit and credit) and involves exchange of benefit.The concept of dual aspect can be explained with the help of some examples, which are as follows:

This is explained with the help of the following example.Dual aspect is the foundation or basic principle of accounting.The concept is derived from the accounting equation, which states that:Assets are the resources owned by a business.And the claims of various parties against these assets is known as equities.

In other words, at least two accounts will be involved in recording a.The view is derived from the metaphysics of benedict de spinoza, who held that mind and matter are merely two of an infinite number of modes of.This dual aspect concept is also called double entry methodology.