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Hi guys I am still leading stock market so. I have a doubt
So I got to know in a balance sheet the no.of assets=no of liabilities+total equity.
example, such as buying a car for $10,000. In this case, a $5,000 loan (debt), and $5,000 cash (equity) to purchase it.Our assets are worth $10,000 total, while our debt is $5,000 and equity is $5,000. I have a doubt so if I use this car as a taxi and earn money it will come in assets and cash and cash equivalents but how will it come in liabilities. Please explain

Profit will added in equity, thus balancing cash received, accounts works on double entry system. For better understanding learn basics of accounts.