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Professional Qualifications
Understand double-entry logic
In an accounting illustration, each transaction affects at least two accounts. The accounting equation is assets = liabilities + equity. A transaction should keep the equation balanced.
Worked example
An owner contributes ₹10,000 cash: assets increase ₹10,000 and equity increases ₹10,000. Buying equipment for ₹3,000 cash swaps one asset for another.
Try it yourself
Does buying equipment with cash automatically reduce total assets?
Reveal the answer and reasoning
No. Cash decreases while equipment increases by the same amount in this simplified example.
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