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Chart of Accounts, Assets= Owner equity + Liabilities, Balalnce Sheet…
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If there in an Increase in Assets or Expenses,
there will be a Debit entry
If there is decrease in Assets or Expenses, there will be credit entry
If Owner Equity or Income or Liablity increses, there will be a Credit entry
If Owner Equity or Income or Liablity decreases, there will be a Debit entry
Case 01: Mr. A Purchased a laptop of his office for 2,000 AED.
Case 02: Mr. A invested 8,000 in his company.
Case 03: Mr. A borrowed 4,000 from Mashriq Bank.
Case 04: Mr. A paid against 1,000 for utilities
Case 05: Mr. A recieved 1,500 bank interest from ADCB