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.

Answer / guest

Debit and credit are two fundamental elements of
accounting which represents both sides of each transaction
in an organization.

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.

Answer / pankaj bhandari

Debit: what is coming it's called debit.
Credit: what is going it's called credit.

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.

Answer / bikram mandal(accountant)

WHAT COMES ARE DEBIT AND WHAT GOES OUT CREDIT.
ALL EXP. ARE DEBIT AND ALL INCOME ARE CREDIT.

Answer / vivek

debit is term to be liable to pay and credit means the term
which u liable to get.........

Ledger

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