Double Entry Treatment of Assets: - JSS1 Business studies Lesson Note

Increase in Assets: When an asset is acquired, it is recorded as a debit entry in the respective asset account. For example, when purchasing inventory for cash, the inventory account is debited.

Decrease in Assets: When an asset is sold or consumed, it is recorded as a credit entry in the respective asset account. For example, when selling inventory for cash, the inventory account is credited.