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what is the debit and credit
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Answer / bhanu prakash
when the transactions are shown in left hand side is called debit, by the same way transactions are shown in right hand side is called credit.
| Is This Answer Correct ? | 20 Yes | 7 No |
Answer / ravikrisna786
Debit means increase in assent or revenue and decrease in liabilities or expenses and on the other hand credit define the terms debit opposite.
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / anil kumar prajapati
In accounting transactions, we record numbers in two
accounts, where the debit column is on the left and the
credit column is on the right. A debit is an accounting entry
that either increases an asset or expense account, or
decreases a liability or equity account.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / deborah paul
DEBIT IS THE WHAT WE RECEIVE AND CREDIT WHAT WE GIVE.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / tausif ahmed
Debit.. What comes in.
Credit.. What goes out.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / pitchaiah
Debit means receiving aspect
credit means giving aspect as per dual aspect concept
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / rabindra
what comes in is Debit & what goes out is Credit
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / naveen kumar.karumuri
As per Accounting Standards
Dr.indicates the Expenditure
Cr.Indicates the Incomes as per our Accounting principles
is there any alternate plz share new post
Thanks
Naveen Kumar.Karumuri
Accounts Executive
| Is This Answer Correct ? | 0 Yes | 0 No |
NAME OF FOUR TYPES OF ERRORS?
During the year a firm has received TDS of Rs.30 lakhs and out of this an amount of Rs.9 lakhs was adjusted against the taxes. However, in the balance sheet under the head assets,the firm shown Rs.30 lakhs towards TDS. Is it correct. In my openion, in the balance sheet, the assessee has to show only Rs.21 lakhs as asset in the balance sheet, after reducing the tax adjustemnt of Rs.9 lakhs. Pl. Clarify.
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Audit 
