Question: The process of balancing of an account involves equalization of both sides of the account. If the debt side of an account exceeds the

The process of balancing of an account involves equalization of both sides

The process of balancing of an account involves equalization of both sides of the account. If the debt side of an account exceeds the credit side, the difference is put on the credit side. The said balance is - (i) A debit balance (ii) A credit balance (iii) An expenditure or an asset (iv) An income or a liability Select the correct answer from the options given below- Only (ii) above A B D Only (iv) above Both (i) and (iii) above Both (ii) and (iii) above

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