Interested to Buy Any Domain ? << Click Here >> for more details...
What is debit and credit?
- 7 Answers
- 10491 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / syed shakir ali
In Simple Terms Debit Which Account LIABLE TO Pay For this
that account Debited Which Account Receiving that amount it
will become credit.
1.Personal a/c
2.Nominal a/c
3.Real a/c Different Terms For Debit and Credit. Account
Standards Debit must equal to credit.
| Is This Answer Correct ? | 11 Yes | 2 No |
Answer / guest
Debit and credit are two fundamental elements of
accounting which represents both sides of each transaction
in an organization.
| Is This Answer Correct ? | 11 Yes | 4 No |
Answer / h.r. sreepada bhagi
Under Double Entry System of Accounting, every financial
transaction has two aspects. Debit & Credit. In other words
the total amount on the 2 sides of a transaction should tally.
Debit & Credit rules have been framed by classifying the
Accounts in to three basic types as below :
1. Personal Account.
2. Nominal Account.
3. Real Account.
For more information on basics of accountancy, read any book
on Fundamental Accounting or any Accountancy Text Book
prescribed for 1st year PUC.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / pankaj bhandari
Debit: what is coming it's called debit.
Credit: what is going it's called credit.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / neeraja
the term debit is derived from the latin base "debere"which
cintracts to the 'Dr'.used in journal to refer to debits.
Credit comes from the word "credere"(that which one
belieces in, including persons, like a creditor),which
contracts to the 'Cr.' used in journal entries for a credit.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / bikram mandal(accountant)
WHAT COMES ARE DEBIT AND WHAT GOES OUT CREDIT.
ALL EXP. ARE DEBIT AND ALL INCOME ARE CREDIT.
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / vivek
debit is term to be liable to pay and credit means the term
which u liable to get.........
| Is This Answer Correct ? | 2 Yes | 4 No |
Purchase a goods from venkat for cash,it should be credited to Whom
What is WCT ? Who will Resposible for deposit WCT Means TDS Deductor or Material supplier. Is TDs applicable on WCT. Who will responsible for deposit WCT. I Am New For this Field. Thanks in advance...
what is Purchase Book & sales Book?
distribution of gift in diwali to employee & buyer!! what's suitable expences head.
2 Answers Hindustan Institute of Technology,
Equipment A has a cost of Rs.75,000 and net cash flow of Rs.20000 per year for six years. A substitute equipment B would cost Rs.50,000 and generate net cash flow of Rs.14,000 per year for six years. The required rate of return of both equipments is 11 per cent. Calculate the IRR and NPV for the equipments. Which equipment should be accepted and why
whats the manufacturing account
is we should taken the cl or op. stock in trail balance
goods purchases of Rs.1200 was recorded in the sales book and the Vendor's account was credited by Rs. 1200
What are the differences between accounting and auditing?
If we get TDS certificate after audit whareas this certificate is related to same financial year,in this condition how will we consider tds or can we take this credit in next f.y.?
Credit purchase entry
Define the term material facts in accounting?
Audit 
