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<p>The questions covers all accounts, it can be Assets, Liabilities or Equity. I just want to share my little knowledge but interesting Accounting facts to all. I already have the answer. Thank you...</p>
Assets= Liabilities + Equity
It follows then normal balance of asset a/c is Debit and liability and equity balances are credit balances.This lays down the principle of double entry.
Normal balance is the accounting classification of an account. It is part of double-entry book-keeping technique.An account has either credit (Abbrev. CR) or debit (Abbrev. DR) normal balance. To increase the value of an account with normal balance of credit, one would credit the account. To increase the value of an account with normal balance of debit, one would likewise debit the account.The fundamental accounting equation is the following:Asset = Liability + Owner's equityThe account on left side of this equation has a normal balance of debit. The accounts on right side of this equation have a normal balance of credit. The normal balance of all other accounts are derived from their relationship with these three accounts.Normal balance of common accounts: Asset: Debit Liability: Credit Owner's Equity: Credit Revenue: Credit Expense: Debit Retained Earnings: Credit Dividend: Debit
The normal balance of an account is in its increase side.
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