what does debit and credit mean in accounting and what is its underlying

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Question

what does debit and credit mean in accounting and what is 
its underlying concept and its treatment.
in the cash book dr means receipt nad credit means payment? 
is it correct?

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Re: what does debit and credit mean in accounting and what is its underlying concept and its treatment. in the cash book dr means receipt nad credit means payment? is it correct?

Answer
# 1

yes

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Guest

Re: what does debit and credit mean in accounting and what is its underlying concept and its treatment. in the cash book dr means receipt nad credit means payment? is it correct?

Answer
# 2

There are three fundamental a/cting principles, which are 
as follows:
1. debit the receiver and credit the giver
2. debit wht comes in and credit wht goes out
3. debit all losses and credit all gains

The given statement is correct.
in our cash book when we received money we Dr. cash or bank 
a/c and vice-versa. But as per bank book it shows reverse 
blalance. Means if u hv 5000/- in ur bank, it will show as 
Rs.5000/- Cr. Becoz it is as per bank record. 

PLz give me reply on this statement
thks

Is This Answer Correct ?

3 Yes

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Sitaram Sawant

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