Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / abdulla koya
To debit means entering a transaction on the debit side of
an account and to credit means entering a transaction on
the credit side of an account.It may sound a vague
explanation of the terms, but it is confusing to assign any
other meaning to the terms.A simple rule for debiting and
crediting is:
Dedbit when there is an increase in assets or decease in
liability and
credit when there is an decease in asset or increase in
liability
Plese remember that any business transaction would result
in in any one the following situations:
1.Increase in an asset and decrease in another asset
2.Increase in a liability and decrease in another liability.
3.Increase in an asset and increase in a liability.
4.Decrease in an asset and decrease in a liability.
| Is This Answer Correct ? | 1 Yes | 1 No |
Post New Answer View All Answers
How to pass accounting entry for a tender cost and under which head? and how to show joint venture in venture's accounting books?under which head?
Tell me in which account does the unpresented cheque will get recorded?
Can it be possible to transfer FCRA funds to an ngo who don't have FCRA registration no.
how to pass entry in tally for Interest received on sweep credited to saving a/c? In what group it should be come
Hi Everybody, Can anybody tell me how to create ledger in Peachtree Accounting software, means there are some Code, which Codes Comes under which ledger Account.your prompt Answer will be highly appreciated, Thanks & regards, Khan
is it related to b.com syllabus or puc syllabus
What is Debit Note and Credit Note? Subsidory Books? Minority Interest? Stock recording in P&L? Outstanding Expenses, Prepaid Expenses and Examples?
What is diffrence Between GPF and EPF?.. can anybody explain..?
what are doucement required under registration of properity firm. give the answer breif
Richman Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 10% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30. Instructions: Prepare the necessary entries for the declaration and payment of the stock dividend.
Tell me what is accrual accounting?
Explain what does the standard journal entry includes?
kindly send the TDS tariff on Security expenses, rents, transport charges etc.,
Explain me fair value accounting?
Which forms in use in service Tax, Excise duty and Vat for the return.
