{"id":26668,"date":"2015-03-12T03:40:32","date_gmt":"2015-03-12T03:40:32","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=26668"},"modified":"2024-04-03T13:15:52","modified_gmt":"2024-04-03T07:45:52","slug":"the-dual-aspect-concept","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/the-dual-aspect-concept\/","title":{"rendered":"The Dual Aspect Concept"},"content":{"rendered":"

\"The<\/a><\/p>\n

The dual aspect concept emphasis that every transaction has a two fold effect and it is expressed in the form of accounting equation.Assets=Liabilities.<\/p>\n

As a consequence of this dual aspect concept,total assets must equal to total liabilities and capital.Therefore, it is from this relationship balance sheet is derived.<\/p>\n

The accounting equation can be used for any type of business transaction.For example,the accounting equation of Mr Ram’s business at the beginning is as assets(cash=10000 rupees)=liabilities(capital=10000 rupees).This indicates that the business was started by Mr Ram,the owner,by a contribution of rupees 10000 in a firm.The impact of each transaction taking place in a firm has a two fold effect which are as-an effect on its assets on the one hand and an effect on its liabilities on the other,an effect on some asset and an equal effect on some other asset,an effect on some liability and an equal effect on some other liability.In the books of account of any firm,total assets are equal to liabilities+capital.This is called accounting equation which can be stated in the following ways: assets – liabilities=capital and assets – capital=liabilities.Here capital is equal to owners claim and liabilities is equal to creditors claim.<\/p>\n

When revenue is earned the claim of the owner that is capital will increase and when expenses are incurred the claim of the owner will reduce.However, every transaction which is recorded in the firm on the basis of dual aspect.The principle of double entry system,that is every debit has a corresponding credit is followed with dual aspect concept.This concept facilitates the preparation of the trial balance which enables an accountant to detect the errors which are committed in the recording procedure.Also,it helps a firm to determine profit or loss.Capital can be calculated at the beginning of the accounting period and also at the end of the accounting period.For every firm it is necessary to record transactions considering dual aspect concept.<\/p>\n

 <\/p>\n

Click here for government certification in Accounting, Banking & Finance<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The dual aspect concept emphasis that every transaction has a two fold effect and it is expressed in the form of accounting equation.Assets=Liabilities. As a consequence of this dual aspect concept,total assets must equal to total liabilities and capital.Therefore, it is from this relationship balance sheet is derived. The accounting equation can be used for…<\/p>\n","protected":false},"author":970,"featured_media":26699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[2564,2267,2105,2562,2563],"class_list":["post-26668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-accounting-equation","tag-assets","tag-capital","tag-dual-aspect","tag-liabilities"],"acf":[],"yoast_head":"\nThe Dual Aspect Concept - Vskills Blog<\/title>\n<meta name=\"description\" content=\"Learn and know What does the The Dual Aspect Concept state? Take Vskills Certifcation in Accounting, banking and Finance. 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