State wheather the following statement is true or false with reasons.
1) Every debit has equal and corresponding credits.
Ans: The following statement is true.
Reason: Every businesses transactions has two fold effect and that it affects two accounts in opposite directions and if a complete record is to be made of each such as transaction it would be necessary to debit one account and credit another account.
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Answer:
it is true
Explanation:
Answer:Every debit must have a corresponding credit. According to Dual Aspect Concept, every transaction has two aspects, a debit and credit of equal amount. ... In double-entry accounting every debit has a corresponding and equal credit.
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