Mr. Khalid, a new business man, attended an orientation programme for new entrepreneurs. Where he learned the importance of accounting in business and the effect of business transactions that are recorded at any given time will always be equal. As a beginner in business, Mr. Khalid wants to have detailed information on the system of accounting followed for recording business transaction, its rules and procedures with examples. Prepare your answer to help Mr. Khalid to get a detailed understanding the relevant principle, analyzing the transaction, rules and procedures with regard to recording of transactions.