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Answer Posted / h.r. sreepada bhagi
No asset should have credit balance. Asset itself means
debit balance. If it's credit balance, then it is only a
liability.
In case cheques are issued in excess of the balance in the
bank account, then the bank a/c is asset only to the extent
of the balance in the bank and the value in excess of the
balance is a part of current liabilities in the balance sheet.
practically such situations may be there, but while
preparing the Balance Sheet, it should be shown under the
proper head.
There can not be a negative asset. (Carried forward loss is
shown on the assets side or under Application of Funds in
the Balance Sheet, but it's not an asset just because it's
shown there)
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