Duality or Double entry accounting concept

It is the only concept which portrays the two sides of a single transaction. The law of
entire business revolves around only on mutual agreement sharing policy among the
players. How mutual agreement is taking place ?
The entire principle of business is mainly conducted on mutual agreement among the
parties from one occasion to another. The payment of wages are only made by the firm
out of the services of labourers. What kind of mutual agreement in sharing the benefits
is taking place? The services of the labourers are availed by the firm through the payment
of wages. Like-wise, the labourers are regularly getting wages for their services in the
firm.
Payment of Wages = Labourers' service
In the angle of accounting aspects of a firm, the labourer services are availed through
the payment of wages nothing but the mutual sharing of benefits. Availing of services or
taking the services of the labourers only through the cash payment whatever you make
at the end i.e., giving wages. This is being denominated into two different facets of accounting viz Debit and Credit. Every debit transaction is appropriately equated with the transaction of credit.
The entire above sample of transactions are being carried out by the firm through the
raising of financial resources. The resources raised were finally deployed in terms of
assets. It means that the total funds raised by the firm is equated to the total investments.
From the below table illustration, it is clearly evidenced that the entire raised financial
resources are applied in the form of asset applications. It means that the total liabilities
are equivalent to the total assets of the firm.

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