What are the features of double entry system?

The features of double entry system are as follows:

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  1. Two parties: transaction takes place only if there are two parties- one party receiving the benefit other party giving or parting with the benefit.
  2. Each party is affected (by the transaction) in opposite direction but with the same amount.
  3. Each transaction affects at least two items in an accounting equation. Accounting equation is composed of three elements namely Assets, Liabilities and Capital.
  4. Account receiving the benefit is debited and recorded on the left hand side and the account rendering the benefit is credited and recorded on the right hand side.
  5. For each transaction debit amount is equal to the credit amount.
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