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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 ?.
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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 |
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