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Accounting Equations — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAccounting Equations1 Mark
Question
If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?
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Answer

Decrease in Asset will be recorded on credit side.
Decrease in Liability will be recorded on debit side.

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