what is meant by debit and credit
Answers were Sorted based on User's Feedback
Answer / muni krishnan .a
As per Accounting Priciples,
1.Personal a/c :Debit , What comes in
: Credit ,What goes out.
2.Real A/c : Debit ,the Receiver
: credit ,the Giver
3.Nominal A/c : Debit, all Expenses & Losses
: Credet ,all INcomes & Gains
Is This Answer Correct ? | 5 Yes | 1 No |
Answer / madhusudan chauhan
debit word origin from the debt it maens that u r making
any company or person in debt.
if u are giving money to any person in this condition he is
debtors ex. you paid 100 rs to 'b' so b is debit in your
books
and credit means any company gives the money just like 'a'
gives u money so a credit in the books
give money to 'a'= a dr.
come money from 'a'= a cr.
that's a simple funda
Is This Answer Correct ? | 6 Yes | 3 No |
Answer / p.m.krishna reddy
Debit means what is receiving aspect
Credit means what is giving aspect
Is This Answer Correct ? | 3 Yes | 0 No |
Answer / ramu
Debit means simply we can say that left hand side part of an account is debit where as credit is right hand side part of an account
Is This Answer Correct ? | 3 Yes | 3 No |
Answer / anagha r datar
As per Accounting Principles,
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
Is This Answer Correct ? | 2 Yes | 2 No |
Answer / avinash
DEBIT,WHAT COMES IN. .RECEIVING AND CREDIT,WHAT GOES OUT. . GIVING
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / vamshi m
receiving aspect or incoming aspect comes under debit aspect
giving aspect or outgoing aspect comes under credit aspect
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / pattan mohammad rafi
According to personal account
DEBIT THE RECEIVER
CREDIT THE GIVER
According to real account
DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
According to nominal account
DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL GAINS AND PROFITS
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / anil kumar goud
debit is left,coms in, recieving
credit is right, goes out,giving
Is This Answer Correct ? | 1 Yes | 2 No |
Answer / babitha
debit:- expenses,losses credit:- incomes,revenues
Is This Answer Correct ? | 11 Yes | 14 No |
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Dear Friends, Please help me with the below, I am new to the current company and newly accountant. My question is, In Balance sheet, Cash in Drawer is showing excess amount and I could not tally it with sales. Please guide me how do I need to tally CASH IN DRAWER? I don't want to reconcile. I only want to tally. Please help. Thanks in advance.
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