In Accounting Terms
1. what is meant by debit Rs.1000/- to Mr.Ramu account ?.
2. What is meant by credit Rs.1000/- to Mr.Ramu account ?.
3. What is meant by Ramu account was Debited or Credited ?.
4. Generally in accounting terms what is meant by Debit or
Credit His / Her account ?.
- 2 Answers
- 15322 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / xyz
1- paid to Mr. Ramu or genrating an account receivable or
decreasing account paybale or decreasing liablities
2- received from Mr. Ramu or genrating account payable or
increasing liabilities or decreasing account receiveables
3- if payment is made by Ramu his account will be debited
and if payment is made to Ramu his account will be credited
4- Debit to account means increase in account and credit in
account means decrease in account
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / mallikarjuna
hi.... Basically don't has particular meaning of Debit and
also credit because they are purely Accounting terms..But we
can say why use Debit and credit..
Debit shows All assets and Loss,expenses.
Credit shows All Liabilities and incomes,gains.
your first question is what is meant by debit 1000 rs Ramu A/c
ANS: Here ramu receiving 1000 Rs from others or our self so
we should Debit that amount in Ramu A/c.
your second question is what is meant by debit 1000 rs Ramu A/c
ANS; Here Amount receiving from Ramu so we have to credit
that amount in ramu a/c Credit side.
| Is This Answer Correct ? | 4 Yes | 6 No |
what is ment by suspence account and dummy account
Provison for payments (benefits received but bill not received at the closing of accounts)(utilites, Telephone, Rent)
Your grandfather is 75 years old. He has total saving of Rs. 80000. He expects that he live for another 10 years and will like to spend his saving by them. He placed his saving into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occuring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?
will preference share holders will have voting right?wat is difference between eqity holders and preference share holders
what is consignment entry?
What is the TDS deduction & Service chargges for FY 2011- 2012
can u explain the meaning of Work Contract Tax in breif.
in trading credit why does goods sent on consignment come?
entry for cheque bounce
Credit purchase entry
In the balance sheet, where do you show tds?
Explain what qualities and skills make an account manager successful?
Audit 
