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Answer Posted / babhu kanchupalli
In business....every financial transaction have two aspects...that what we called double entry system of accounting.in that two aspects one is "Debit" and another one is "Credit". here arise the doubt,that what is debit and what is credit.....i.e
1.Receiving aspect in a transaction is called Debit.
2.Giving aspect in a transaction is called as Credit.
Then we can apply the Golden rules of accounting for each transaction to record....based on that we came to know which aspect we have to give debit or credit in a transaction.
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