Prove that ACCOUNTING EQUATION holds good under all circumstances.Give two illustrations.
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Here's ur answer
Accounting equation signifies that
Assets =liabilities +capital
A business transaction will result in the change in either of assets, liabilities or capital of firm and even after change the assets will be equal to capital +liabilities.
If business transaction results in increase of assets, there will also be a corresponding increase in amount of capital and liabilities.
EXAMPLE:
Gopal Started business with cash 30,000
Cash= liabilities +capital
30,000=30,000
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