Modern concept of recording financial transactions

Modern concept of recording financial transactions
Under this concept, any increase or decrease in assets, liabilities, capital, revenue, expenses or losses is examined.
Assets are the properties of the business organization which are not for resale purpose. It includes cash, plant and machinery, land and building,etc.
Liabilities are the economic obligations of business firm that have been incurred as a result of transaction which can be measured in monetary term. It includes loans, debentures,bills payable, creditors,etc.
Capital is the amount invested in a business by the proprietor. It is considered as a liability.
Revenue is the amount received from customers for the transfer of goods or services regularly during a period of time.It includes the amount received from the sale of trading goods, rent, commission, interest,etc.
Expenses are those costs, which are incurred to produce and sell goods or services like purchase of material, payment of salary, etc. Loss is occurred when expenses exceed the incomes.
The rules of debit and credit for the five types of transactions are:
Increase in assets: debited and decrease in assets: credited
Increase in liability: credited and decrease in liability: debited
Increase in capital: credited and decrease in capital: debited
Increase in revenue: credited and decrease in revenue: debited
Increase in expenses or losses: debited and decrease in expenses or losses: credited