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P1 C5 Accounting Equation and Business Transactions — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C5 Accounting Equation and Business Transactions1 Mark
Question
Give the classification for business transaction when accounting equation method is applied.
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Answer

When accounting equation method is applied, business transactions can be classified as follows: $(1)$ Transactions related to goods $(2)$ Transactions related to incomes and expenses. $(3)$ Transactions related to purchase and sale of an asset. $(4)$ Transactions related to 'Money borrowed' and 'Money lent

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