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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 |
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I Have MBA in Finance and staying at Ameerpet. Please help me in findinag a best institute to learn tally near to Ameerpet.
State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
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