CBSE Class 11-commerce Answered
format of acounting equation
Asked by manrajsidhu956 | 17 Nov, 2019, 06:34: PM
Expert Answer
Accounting Equation is a mathematical expression based on the dual aspect concept which shows that the assets and liabilities of a firm are equal as follows:
Assets = Liabilities + Capital
According to the Accounting Equation, every transaction has two aspects namely debit and credit and therefore, the total claims of outsiders and of the proprietors will always be equal to the assets of the firm.
Answered by Surabhi Gawade | 17 Nov, 2019, 07:19: PM
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