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“Double entry bookkeeping means two set of records are maintained.”
This is question in kit and it stated the above statement as false. Can you explain sir? There are two set of records right Debit record and credit record.Double entry means two entries on one set of records.
Foe example, paying wages of $1,000:
Cr Cash 1,000
Dr Wages 1,000Two/double entries but the cash account and wages account are part of a single set of records.
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