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What is the T account.... Nd is it included in the syllabus of 2020-21 class 11? |
| Answer» T-accounts\xa0are simply another way of representing an account.There is one T-account for each account on a balance sheet.Each T-account contains the\xa0name and balance\xa0(current dollar value) of a particular account.The current value of a T-account is always taken from the most recently prepared balance sheet.The\xa0opening and normal balance of an asset\xa0account\xa0goes on the\xa0left side\xa0of a T-account because assets appear on the\xa0left\xa0side of a balance sheet.On the other hand, the\xa0opening and normal balance of a liability or owner’s equity (capital) account\xa0goes on the\xa0right side\xa0of a T-account because liabilities and owner’s equity appear on the\xa0right\xa0side of a balance sheet. | |