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The double entry system is a fundamental concept in financial accounting that ensures every financial transaction affects at least two accounts. It is based on the dual aspect principle, meaning that for every debit entry, there must be a corresponding credit entry of an equal amount. This system helps maintain the accounting equation:  

\[
\text{Assets} = \text{Liabilities} + \text{Equity}
\]  

Under the double entry system, transactions are recorded in a systematic manner in the books of accounts. Each transaction consists of two aspects:  

1. Debit – Representing what comes in or an increase in assets/expenses or a decrease in liabilities/income.  
2. Credit – Representing what goes out or an increase in liabilities/income or a decrease in assets/expenses.  

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