what is Credit?

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Answer / h.r. sreepada bhagi

Debits & Credits in Accounting are defined as Rules of
Accounting as below :

1.Personal A/c - Debit the Receiver & Credit the Giver.
2.Real A/c - Debit what comes in & Credit what goes out
3.Nominal A/c - Debit all expenses & losses & Credit all
Incomes & Gains.

Generally Debit amounts are entered on the left column &
credit on the right column in Accounts. In some softwares,
all entries are made in one column with Dr. or Cr. Sign or -
sign for credits.

Is This Answer Correct ?    13 Yes 4 No

Answer / nishant kumar

In the marketing point of wiew Basically credit means the
various accets from which the organisation gets some
income.For Example:-Gross Profit,Sales, Discount recieve

Is This Answer Correct ?    9 Yes 5 No

Answer / mandeep

Credit - Depends on the nature of transaction i.e.

1. Incomes
2. Liabilities
3. Sale
4. Payments

For example all expenses paid/provisoned shown in debit
side of "Profit & Loss account"
Expense due but not paid we will not show in P&L a/c but
would be shown in "Liabilites" side of Balance

Is This Answer Correct ?    3 Yes 1 No

Answer / jyoti

Anything what goes out is credit.

Is This Answer Correct ?    9 Yes 8 No

Answer / anil kumar

Credit is a sum of money that is made available for you to

Is This Answer Correct ?    0 Yes 0 No

Answer / gopal

credit is nothing but debt. the debt is allowed to the
debtor by the creditor.

Is This Answer Correct ?    0 Yes 0 No

Answer / maruthimuralidharan

Debit and credit both are accounting terminologies which is used to record the transactions of the business.

Is This Answer Correct ?    0 Yes 0 No

Answer / manikandan

A person to whom money is
owed by a deptor;someone
to whom am obligation exists

Is This Answer Correct ?    0 Yes 1 No

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