Explain Dual-aspect concept in context of Double Entry System of Accounting with suitable examples. (Answer limit: 50 words, Marks 05) [RPSC 2023]
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The Dual-aspect concept in double-entry accounting asserts that every transaction impacts two accounts. For instance, if a company takes a loan, cash (asset) increases, while loans payable (liability) also increase. This ensures the accounting equation (Assets = Liabilities + Equity) remains balanced, reflecting the dual nature of financial transactions.