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what is debit and credit in accounting
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Answer / nagesh
Debit is benefit receiver and credit is benefit giver
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Answer / nida
what comes in is treated debit and what goes out is treated
credit in accounting.for example
purchased furniture for cash, we record it
what comes in(furniture)dr and what goes out (cash)
cr furniture a/c dr
cash a/c cr
to write any account at the right side is credit and to
write any account at left side is called debit in accounting
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Answer / 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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