what is meant by debit and credit
Answers were Sorted based on User's Feedback
Answer / saikrishna
Debit means what we recive in any business
Credit means what we give in propotion
|Is This Answer Correct ?||82 Yes||21 No|
Answer / hemlata
Debit is left and Credit is Right.Dr means receiving and cr
means giving.In acounts we us these two terms.
|Is This Answer Correct ?||67 Yes||27 No|
Answer / email@example.com
these are golden rules of accounting.
debit : what comes in
credit : what goes out
|Is This Answer Correct ?||45 Yes||7 No|
Answer / guest
What comes in, The Receiver All expenses & Losses
Credit means, What goes out, the giver, all incomes and
|Is This Answer Correct ?||33 Yes||7 No|
Answer / shylaja
Debit means the benefit receiving aspect.
Credit means the benefit giving aspect.
|Is This Answer Correct ?||30 Yes||9 No|
Answer / shiva kumar 9848083705
DEBIT MEANS RECIEVING ASPECT.
CREDIT MEANS GIVING ASPECT.
|Is This Answer Correct ?||21 Yes||3 No|
Answer / ak naidu
Debit what come's in
Credit what goes out.
|Is This Answer Correct ?||24 Yes||8 No|
Answer / rajesh kumar panigrahi
In the language of book -keeping ,debit means the left hand
side of a T-form account ,and credit means the right hand
side of the T-form account. There is no other meaning.When
we say debit what comes in , credit what goes out etc. etc.
we are only talking of the golden rules of accounting
|Is This Answer Correct ?||17 Yes||1 No|
Answer / sheshu babu
debit means left hand side credit means right hand side
debit; what comes in
credit;what goes out
there are golden rules of accounts
|Is This Answer Correct ?||16 Yes||1 No|
Answer / ram prasad
Debit means who owes money to the business
credit means to whom owes money by the business
|Is This Answer Correct ?||15 Yes||7 No|
I have complited my ERP course in FICO module. Now I want to work in ERP package. Please suggest me how I will apply for the organisation works in ERP environment.
Expand U G A(Allowance in mines)
in Accounts we are using provisions ? what is provisions?
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2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
what is meant by cash inflow and outflow and differences
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What is Accout Payable and receible
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Answered but misspelled pl correct SUPPLIERS ACCOUNTING BALANCE WILL BE ALWAYS (ANS.TIDERC)