difference b/w debit and credit
- 10 Answers
- 13434 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Debit what comes in and credit what goes out
| Is This Answer Correct ? | 34 Yes | 2 No |
Answer / babu
what is come's in is debit, what is go's out is credit
| Is This Answer Correct ? | 27 Yes | 3 No |
Answer / abc.dinesh
The most fundamental concepts in accounting. We should
apply the accounting rule to define the term ie.
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 ? | 17 Yes | 0 No |
Answer / lalitha
To know what is debit and credit , one should know the
golden rules of accounting.
PERSONAL ACCOUNT:
DEBIT:the receiver
CREDIT:the giver
REAL ACCOUNT:
DEBIT:what comes in
CREDIT:what goes out
NOMINAL ACCOUNT:
DEBIT:all expenses and losses
CREDIT:all incomes and gains
| Is This Answer Correct ? | 19 Yes | 2 No |
Answer / seenu
as for accounting principals there are three,
under that we select which one is debit and credit and also
called as the duble accounting system we must recored the
transation one is debit and credit.for ex.purchases made we
write the entry pur a/c dr
To creditor/cash
| Is This Answer Correct ? | 21 Yes | 6 No |
Answer / pradeep
increase in the assets ar debited.. while increase in
liability is credited...
| Is This Answer Correct ? | 15 Yes | 2 No |
Answer / chandran
In Simple and easy words
Debit what you receive from the company for your service
provided
Credit what you have to pay to the company for service
purchased
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / ca.mohit kumar
Debit and credit are formal bookkeeping and accounting
terms. They are the most fundamental concepts in
accounting, representing the two records that one party in
a transaction makes on its records, transferring a money
balance from one account to another, one representing a
reduction of liability or increase in asset, and the other
representing a balancing increase in liability or reduction
of asset.
| Is This Answer Correct ? | 13 Yes | 3 No |
Answer / neha
1)The debit is what you got
and
The credit is the source of the item you received.
| Is This Answer Correct ? | 20 Yes | 20 No |
Why do you choose Auditing ?
Do you know the different types of audits?
what is the bank reconcilation
what is rate of tds in present financial year
What do you mean by vouching?
Can Bonus of pre-operative period be part of pre-operative expenses ?
Do you think Auditing job is very boring ?
what is debit
What sort of image do you have?
Is Taxi bills allowed to claim the LTA?
What is audit trail in siebel?
what are the golden rules for accounts payable?
Audit 
