In Accounting Terms
1. what is meant by debit Rs.1000/- to Mr.Ramu account ?.
2. What is meant by credit Rs.1000/- to Mr.Ramu account ?.
3. What is meant by Ramu account was Debited or Credited ?.
4. Generally in accounting terms what is meant by Debit or
Credit His / Her account ?.
- 2 Answers
- 15335 Views
- I also Faced
- E-Mail Answers
Answer Posted / mallikarjuna
hi.... Basically don't has particular meaning of Debit and
also credit because they are purely Accounting terms..But we
can say why use Debit and credit..
Debit shows All assets and Loss,expenses.
Credit shows All Liabilities and incomes,gains.
your first question is what is meant by debit 1000 rs Ramu A/c
ANS: Here ramu receiving 1000 Rs from others or our self so
we should Debit that amount in Ramu A/c.
your second question is what is meant by debit 1000 rs Ramu A/c
ANS; Here Amount receiving from Ramu so we have to credit
that amount in ramu a/c Credit side.
| Is This Answer Correct ? | 4 Yes | 6 No |
Post New Answer View All Answers
Tell me what do you believe makes a successful account executive?
What are premises in accounting sense? What is vat adjustment?
In which book we can learn in detail of closing stock valuation. And if any site is available kindly help.
Can you name any other accounting application?
Describe me accounting rules
if you are a hard working nature conclude your self?
What is WCT ? Who will Resposible for deposit WCT Means TDS Deductor or Material supplier. Is TDs applicable on WCT. Who will responsible for deposit WCT. I Am New For this Field. Thanks in advance...
Explain what is accrual accounting?
Proprietor paid amount of Rs. 11060/- for car insurance. Pass Journal.
Hai i have completed MBA in HR(major) And Marketing (minor). Now applying FInance if it possible please tell me
where to show Preliminary expenses except "Statement of changes in working capital" in Fund flow statement?
on 02/05/2013 issued a cheque to third eye ltd of Rs.14000/- in full and final settlement against the due on amount
what is the right process for input credit of Service tax. and on which service i can take credit.
When a company s accounting year-ends on a day that is other than the end of the calendar year what is called in accounting?
I have a doubt in tally,if a customer purchase our product on cash or sometimes credit,under which head i need to make the customer ledger.?
