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What is debit and credit?
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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 |
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Please help me in this entries Pass accounting entries for the following transaction in the books of XYZ company. A rendered professional service to company XYZ and sent an invoice dated 01/01/2016 for Rs 1,00,000/- + service tax Q1. Pass journal entry for the invoice received considering the service tax and TDS. Q2. Payment was made on 01/02/2016 by cheque. Pass payment entry.
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Audit 
