what is meant by debit and credit
- 4 Answers
- 5415 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / tirumal reddy
In the double etry of accounting every transaction has
two aspects giving and receiving aspect.according
principles.
1.personal account
DR:RECEIVER
CR:GIVER
2.Real account
DR:WHAT COMES IN
CR:WHAT GOES OUT
3.Nominal account
DR:Expenses and losses
CR:Incomes and gains.
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / amit kumar tiwari
In double entry system in every transaction you should
debit one account and credit other account as per
accounting rules.
1. Personal Account
2. Nominal Account
3. Real Account
The basic idea behind one account will increased and the
other one will decrease
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / rohit
Residing aspect of a business transaction is called Debit
Giving aspect of a business transaction is called Credit
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / g k renjit
In double-entry bookkeeping, entry on the left-hand side of
an account record. It has the effect of decreasing a
liability, or revenue account, or increasing an asset or
expense account & an entry on the right-hand side of an
account record in double entry bookkeeping. It has the
effect of decreasing an asset or expense account, or
increasing in the value a liability or revenue account.
| Is This Answer Correct ? | 0 Yes | 0 No |
Pass the journal entry: rent outstanding
Does anyone have any other recent Factset interview questions?? what other types of technical questions do they ask consultants?
What is Fixed Assets? How many depreciation types are there? How to apply depreciation on assets in a year?
gold purchse
what is the priliminary expenses
If a company monthly sales is 7,567075.03, variable cost 5,114,902.05 and fixed cost 1855268.11. What will be the Break even point ?
What is a comprehensive income?
1.Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under FIFO and LIFO methods? Opening Inventory 1000 units @ $ 10 $ 10,000 Purchase (1) 800 units @ $ 11 $ 8,800 Purchase (2) 500 units @ $ 14 $ 7,000 Purchase (3) 400 units @ $ 12 $ 4,800 Purchase (4) 300 units @ $ 13 $ 3,900 ------------ ----------- Totals 3000 units $ 34,500 ======= ======
Ram supplied to kumar machinery worth rs 2000 in exchange for furniture worth rs 1000, goods for rs800 and cash rs 200. show how this would appears in Ram account ?
Explain have you ever prepared mis reports and what are these?
Expenditure incurred for the innovation of Guest house building is revenue nature or capital nature ??
How to make a entry in tally for Land & Building Purchased for RS.1,65,00,000/-(Total Consideration)Paid Installment wise as 30 lakh,10 lakh,20 lakh & 1,30,87,500
Audit 
