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1) What is mean by debit, credit
2) what is mean by purchase, sales
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Answer / veena
*Dedit is under assets and Credit is under liabilties.
*when the receiver recives the asset or amount and when
expenses are paid and losses are held these types of
entries comes under debit a/c.
*when the giver gives assets or amount and when incomes are
received and profits are held these types of entries commes
under credit a/c.
| Is This Answer Correct ? | 19 Yes | 4 No |
Answer / preman puthen purayil
Debit and Credit are the two aspects of a Transaction which
is like positive and negative signs. It indicates the effect
of a transaction and thus will give the final result of a
transaction in the Balance Sheet and P& L
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / babhu kanchupalli
Receiving aspect in a transaction is called Debit.
Giving aspect in a transaction is called Credit.
Purchase means acquiring goods for the purpose of doing business..
Sales means exchange of goods for the consideration with the customers....
Remember that both are business daily activities....
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / tweety
Debit:A debit is a bookkeeping entry that results in the
increase of an asset or a decrease in a liability or owners
equity.
Credit: it is a method of sale wherein the purchaser
promises to pay the money for the goods purchased r services
delivered....
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / t.krupavathi
Debit Account is a Current Asset,Credit Account is a
Current Liability.
Purchase is meant by get in ur Commodities &Credit ur
Amount,Sales is a get in ur Amount&Debit ur Account
| Is This Answer Correct ? | 6 Yes | 6 No |
Answer / sheetal kumar garg
debit and credit term used in double entry system , which
receive thing is debit and giver thing is credit.
purchase means buy goods in market and sales means exchane
of good or sold to customer.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / swarnlata
1)Debit and Credit are two basic terms of business
dictionary used in business.
Debit is what comes in business,Expenses of the business
and losses of the business while Credit is what goes from
business, Incomes of business and Profit of business.
Debit and Credit terms help the business organisation to
know exactly what is the financial position of the business.
2)Purchase states for what is bought for business whether
it's machinery, furniture, building or any other assets.
While sales shows what is sold to the prospective customers
and consumers.
Purchase activity takes place when the ownership of the
prospective thing is received while the sales activity
takes place when the ownership is transfered to the buyer.
| Is This Answer Correct ? | 1 Yes | 2 No |
Answer / monisha
1)debit means what comes in business,That is all expenses
and lossess.
2) The term credit means what goes out from business, that
is all incomes and gains.
3) Goods brought for the purpose of resale is known as
purchase.
4 )For earning income or revenue,goods are exchange to
customers is known as sales.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / bittu
Debit and Credit are formal bookkeeping and accounting
terms,those have opposite meanings and come from Latin
word. Debit derived as 'debere', which means "to owe". The
Latin debitum means "debt". Credit comes is also from Latin
word 'credere', which means "to believe
| Is This Answer Correct ? | 2 Yes | 4 No |
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