Debit Credit Rules in Accounting In Financial Accounting Debit and Credit rules or principles of debit and credit, are used to complete double entry effect in the books of accounts,the basic principles which are used to complete transaction are explained as under; The account has two parties i.e Debit(Dr.) or left […]
What is Accounting Equation with Example
What is Accounting Equation ? Accounting equation is Assets = Liabilities+owner equity The resources controlled by a business are referred to as its assets. For a new business, those assets originate from two possible sources: Investors who buy ownership in the business Creditors who extend loans to the business Those who contribute assets to a business […]