WHAT IS DIFFERNCE BETWEEN CREDIT & DEBIT
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Answer / dhanraj kushwaha
there are opposite defference between debit n credit.
1:-We are debited to this item like-Exps.
2:-We are credited to this item like Income.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / ankit
THIS IS OPPOSITE DIFFERENCE BETWEEN DEBIT (DR) AND CREDIT (CR)
DR- ALL EXPENSES ARE DEBITED IN DR SIDE.
CR- ALL INCOMES ARE CREDITED IN CR SIDE.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / sunilchand
there is no difference between them because they are like
eyes for a man to satisfy the matching concept.
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / kishor bawane
there is defference beetween just like plus(+) and Minuse(-
). Debit balance is uor income and Credit Balance is our
Exp.
| Is This Answer Correct ? | 3 Yes | 4 No |
case flow
My question is on Opening & Closing Stock Suppose Closing stock of 2014-15 is Rs 30 lakhs & Also we filed return & ROC too for 2014-15. Opening stock for 2015-16 should be Rs 30 lakhs but we found that some purchase for feb & March 2015 Stock has been entered in tally Its taken directly to purchase split of stock not made & in sales to same of 2 lakhs no split of stock is shown. Those stock need to make changes in 2015-16 what was the process ? And what will be adjustment entry ?
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