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Dual Aspect Concept

As per dual aspect concept, every transaction affects two accounts. One account must be debit and other account must be credit. Dual aspect concept has been made on the basis of accounting equation. In accounting equation, there are two sides. One sides are total assets and other side is total liabilities. Assets always equal to liabilities.



When we record transaction by debiting one account and crediting other account, our all assets will equal t our total liabilities. We give proof that dual aspect concept is so scientific.

We know accounting equation

Total Assets = Total Liabilities

Or

Total Assets = Liabilities + Capital

We have invested Rs. 1,00,000 in our Business. This is transaction. One account will be cash account which is Rs. 1,00,000 and second account is capital. Now we have to debit one account and credit other account. We debit one account and credit other account on the basis of double entry system's rules and regulation. Because cash is coming the business, we will debit cash account and businessman is giver of his money in the form of capital, so capital account will be credit.

Cash Account Debit 1,00,000

Capital Account Credit 1,00,000

Now, if we show it in the accounting equation, cash account represent the asset account and it is increase in the asset, so we will show it in total asset and capital will increase in the total liabilities. So, we will add it in total liabilities.

Total Assets ( Cash : Rs. 1,00,000) = Total Liabilities ( Capital : Rs. 1,00,000)

Rs. 1,00,000 = Rs. 1,00,000

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Accounting Education: Dual Aspect Concept
Dual Aspect Concept
Accounting Education
http://www.svtuition.org/2013/10/dual-aspect-concept.html
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