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As we follow Double Entry System, where every debit has and equal and corresponsing credit. So, at the end of the day Assets will be equal to liabilities.
Assets means things/investments/ you have
Liabilities means which you have to pay
and any difference is owner's equity (In other terms = Net Profit + initial capital from owner)
Means anything under business property - anything business have to pay will be Owner's Equity
In double entry this relationship is well defined when we say Assets=Liabilities + Owner's Equity
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