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Question
What is an Account?
Solution
Every transaction has two aspects and each aspect affects a minimum of one account.
An account is the basic unit of identification in accounting.
A ledger account is a summary of relevant transactions at one place relating to a particular head.
The account is the systematic presentation of all material information regarding a particular person or item in one place, under one head.
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? = ₹ 1, 60,000 + ₹ 80,000
