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CBSE Class 11-commerce Answered

What is the fundamental accounting equation?
Asked by Topperlearning User | 09 Jun, 2016, 12:29: PM
answered-by-expert Expert Answer

Accounting equation states the fact that for every debit there is an equivalent credit. The entire system of book keeping is based on this concept. It is expressed in fundamental accounting equation as:

Assets = Liabilities + Capital

Assets of business are always equal to the claims of owners and outsiders.

Assets= Capital+ Liability

Or

Capital= Assets-Liability

Answered by | 09 Jun, 2016, 02:29: PM
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ANSWERED BY EXPERT ANSWERED BY EXPERT
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Asked by Topperlearning User | 09 Jun, 2016, 12:29: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
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Asked by Topperlearning User | 09 Jun, 2016, 12:29: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
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