CBSE BOARD XII, asked by sumitboro1762, 3 months ago

Current account always shows a debit balance

Answers

Answered by drsandipbhavar

Answer:

The debit balance of the current account signifies that the owner owes the business money. Hence the business has the right to get money from the owner as his account is overdrawn. Hence, the current account having a debit balance should be shown on the asset side of the Balance Sheet.

Explanation:

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