The process of balancing of an account involves equalization of both sides of the account. If the debit 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

Question

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When the debit side of an account exceeds the credit side, the difference is recorded on the credit side to balance the account, indicating a debit balance. This balance represents either an expenditure or an asset, depending on the nature of the account.

The Process of Balancing of an Account Involves Equalization of Both