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.
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