Question

8. If Pooja returned goods of Rs 2,000 to us,
then
account will be
as per
modern approach.(1)
Enter your answer​

Answer 1

Answer:

Under the Modern Approach, the accounts are not debited and credited.

Hence, the Accounting Equation is used to debit or credit an account. Thus, it is also known as the Accounting Equation Approach.

The Basic Accounting Equation is: Assets = Liabilities + Capital (Owner’s Equity)