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Answer Posted / 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 |
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