Principles of accounting with atleast one example for each.
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1. while an asset is increasing in a concern, it must be
debit
eg. while purchasing furniture, debit the Furniture
2. while asset is decreasing, it must be credit
eg. when giving cash cash will be credit
example of comprises of above two transaction
when purchasing furniture for cash
Debit- Furniture
Credit- Cash
3.When increasing Liability, it must be credit.
eg. when we purchase something by credit it increasing our
liability.
entry-
when we are purchsing furniture by credit from Mr.ABC
the entry will be-
Debit- Furniture (increasing furniture)
Credit- Mr.ABC (increasing Liability)
4. When decreasing liability it must be debit.
eg. when paying cash to the person, if we are payable to
him.
eg.When paying cash to MR.ABC
entry -
Debit-Mr.ABC(decreasing our liability)
Credit-Cash (decreasing Asser)
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