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what is Credit?
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Answer / h.r. sreepada bhagi
Debits & Credits in Accounting are defined as Rules of
Accounting as below :
1.Personal A/c - Debit the Receiver & Credit the Giver.
2.Real A/c - Debit what comes in & Credit what goes out
3.Nominal A/c - Debit all expenses & losses & Credit all
Incomes & Gains.
Generally Debit amounts are entered on the left column &
credit on the right column in Accounts. In some softwares,
all entries are made in one column with Dr. or Cr. Sign or -
sign for credits.
| Is This Answer Correct ? | 13 Yes | 4 No |
In the marketing point of wiew Basically credit means the
various accets from which the organisation gets some
income.For Example:-Gross Profit,Sales, Discount recieve
etc.
| Is This Answer Correct ? | 9 Yes | 5 No |
Answer / mandeep
Credit - Depends on the nature of transaction i.e.
1. Incomes
2. Liabilities
3. Sale
4. Payments
For example all expenses paid/provisoned shown in debit
side of "Profit & Loss account"
Expense due but not paid we will not show in P&L a/c but
would be shown in "Liabilites" side of Balance
Sheet..................
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / anil kumar
Credit is a sum of money that is made available for you to
borrow.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / gopal
credit is nothing but debt. the debt is allowed to the
debtor by the creditor.
| Is This Answer Correct ? | 0 Yes | 0 No |
Debit and credit both are accounting terminologies which is used to record the transactions of the business.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / manikandan
A person to whom money is
owed by a deptor;someone
to whom am obligation exists
| Is This Answer Correct ? | 0 Yes | 1 No |
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