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Chapter: 11th Accountancy : Books of Prime Entry

Account

Every transaction has two aspects and each aspect affects minimum one account.

Account

Every transaction has two aspects and each aspect affects minimum one account. An account is the basic unit of identification in accounting. A ledger account is a summary of relevant transactions at one place relating to a particular head. Account is the systematic presentation of all material information regarding a particular person or item at one place, under one head.

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