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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Answer / sitaram sawant
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 ? | 26 Yes | 7 No |
Answer / dinesh(dj_mbagrad@yahoo.com)
I am not satistfied with the above answers... because it
all depends on the accounts nature according to which a
debit/credit becomes a receipt or a payment...
| Is This Answer Correct ? | 7 Yes | 3 No |
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