CBSE Class 11-commerce Answered
What is the
fundamental accounting equation?
Asked by Topperlearning User | 09 Jun, 2016, 12:29: PM
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
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