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Recording of Transactions - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountRecording of Transactions - 11 Mark
Question
Increase in an Asset Account is recorded on its debit side. Give reason.
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Answer

Asset Account is a Real Account and thus the rule applicable is ‘Debit what Comes in, Credit what Goes out'. Increase in Asset means that the Asset has come in. Hence, the Asset is debited.

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