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what is meant by debit and credit
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Answer / tirumal reddy
In the double etry of accounting every transaction has
two aspects giving and receiving aspect.according
principles.
1.personal account
DR:RECEIVER
CR:GIVER
2.Real account
DR:WHAT COMES IN
CR:WHAT GOES OUT
3.Nominal account
DR:Expenses and losses
CR:Incomes and gains.
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / amit kumar tiwari
In double entry system in every transaction you should
debit one account and credit other account as per
accounting rules.
1. Personal Account
2. Nominal Account
3. Real Account
The basic idea behind one account will increased and the
other one will decrease
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / rohit
Residing aspect of a business transaction is called Debit
Giving aspect of a business transaction is called Credit
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / g k renjit
In double-entry bookkeeping, entry on the left-hand side of
an account record. It has the effect of decreasing a
liability, or revenue account, or increasing an asset or
expense account & an entry on the right-hand side of an
account record in double entry bookkeeping. It has the
effect of decreasing an asset or expense account, or
increasing in the value a liability or revenue account.
| Is This Answer Correct ? | 0 Yes | 0 No |
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