It is a major classification which highlights the real worth of the assets. This is the
account especially deals with the movement of assets. It is an account not only reveals
the value and movement of the assets taking place in between the firm and also other
parties due to any transactions. The movement of the assets can be classified into two categories viz the assets which are coming into the firm and the assets which are going out of the firm.
Whenever any movement of the assets taking place with reference to any transactions
either coming into the firm or going out of the firm should be recorded in accordance
with the set golden rules of this account.
Debit What comes in
Credit What goes out

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