In simple terms, the double entry system helps in maintaining a balance between the assets, liabilities, and equity of a business. Without it, it would be difficult to track and analyze the financial performance of a company.

Static equilibrium refers to a system where all forces acting on it are balanced, resulting in no movement. Dynamic equilibrium, on the other hand, occurs when an object is in motion but experiencing balanced forces.

TDS is applicable to various types of payments such as salaries, interest, rent, professional fees, etc. Each type of payment has specific provisions regarding the rate of deduction, threshold limits, and other requirements. It’s important for a Chartered Accountant to understand these provisions in order to ensure compliance and avoid penalties.