What is the balance of an account?

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Solution

Balancing of account refers to the practice of totalling the debits and credits side of an account and providing a balance at the end of the accounting period, so as to make both sides equal.

Also read:

Accounts From Incomplete Records

Marshalling of Assets and Liabilities

Accounting MCQs

What Is the Balance Sheet Equation

Balance Sheet Vs Consolidated Balance Sheet

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