Question

Debit all assets and credit all liabilities. This principle hold good because, they belong to

Answer 1

becoz its on u how to treat with yourself with debits to all assets or credits to all liability and this principle hold good

Answer 2

Answer:

Real Account

Explanation:

Real Account-

• A real account, also known as a permanent account, is a general ledger account that does not close at the end of a period or the fiscal year.
• Real accounts, rather than closing, accumulate balances and carry over into the next period or year. In the new accounting period, the amount in real accounts becomes the beginning balances.
• Real Accounts are- Assets , Liabilities , Equity
• The modern rule of accounting says,  

"Debit increase in Assets, expenses, withdrawal and decrease in Liability, capital and revenue. Credit decrease in Assets, expenses, withdrawal and increase in Liability, capital and revenue."

• As per the modern rule of accounting, Debit increase in asset and credit increase in liabilities.

Hence, we can say that the above principal that is Debit all assets and credit all liabilities holds good.

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