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Answer Posted / shashank mangal
Increase in an asset is debited and decrease in the same
credited.
Increase in a liability is credited and decrease in the
same is debited.
Increse in expenses/losses etc. is debited and decrease in
the same credited.
Increase in a revenue/income/profit etc. is credited and
decrease in the same is debited.
| Is This Answer Correct ? | 2 Yes | 3 No |
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