FLK2 Solicitors Accounts

Question 1

how to remember what goes on the right hand side and left hand side of an account?

Answer 1

Left (DR):
Spend money, buying something, paying off debt, and receiving cash = debit.

Right (CR):
Earning money, selling something, debt increases liabilities, spending cash = credit.

(C kid and D adult)

Question 2

is there 2 aspects to every transaction?

Answer 2

yes, and law firms and businesses have to record every single aspect in different accounts