It is correctly said that, “Accounting was born without prior notice and brought up in negligence”. It means accountancy was first practiced and its principles (that is, rules and guidelines) were developed later on. Copy the link given below and paste it in new browser window to get more information on Dual Aspect Concept:- http://www.transtutors.com/homework-help/accounting/accounting-basics-dual-aspect-concept/

4. Principles of double entry accounting

5. ACCOUNTING PRINCIPLES
Accounting principles can be subdivided into
two categories:
 Accounting Concepts; and
 Accounting Conventions.

6. ACCOUNTING PRINCIPLES
Accounting Concepts
The term ‘concept’ is used to connote
accounting postulates, that is necessary
assumptions and conditions upon which
accounting is based.

8. • Business Entity Concept
• Money Measurement Concept
• Cost Concept
• Going Concern Concept
• Dual Aspect Concept
• Realization Concept
• Accounting Period Concept
Accounting Concepts

9. ACCOUNTING CONVENTIONS
• Convention of Consistency
• Convention of Disclosure
• Convention of Conservation

10. Dual Aspect Concept
Each transaction has two aspects, that is, the
receiving benefit by one party and the giving
benefit by the other. This principle is the core of
accountancy.

11. For example, the proprietor of a business starts
his business with Cash Rs.1,00,000/-, Machinery
of Rs.50,000/- and Building of Rs.30,000/-, then
this fact is recorded at two places. That is
Assets account (Cash, Machinery & Building) and
Capital accounts. The capital of the business is
equal to the assets of the business.

12. Thus, the dual aspect can be expressed as
under
Capital + Liabilities = Assets
or
Capital = Assets – Liabilities

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