what is meant by debit and credit
Answers were Sorted based on User's Feedback
Answer / saikrishna
Debit means what we recive in any business
Credit means what we give in propotion
Is This Answer Correct ? | 84 Yes | 21 No |
Answer / hemlata
Debit is left and Credit is Right.Dr means receiving and cr
means giving.In acounts we us these two terms.
Is This Answer Correct ? | 67 Yes | 27 No |
Answer / arjunanag@rocketmail.com
these are golden rules of accounting.
debit : what comes in
credit : what goes out
Is This Answer Correct ? | 47 Yes | 7 No |
Answer / guest
What comes in, The Receiver All expenses & Losses
Credit means, What goes out, the giver, all incomes and
revenues
Is This Answer Correct ? | 33 Yes | 7 No |
Answer / shylaja
Debit means the benefit receiving aspect.
Credit means the benefit giving aspect.
Is This Answer Correct ? | 30 Yes | 9 No |
Answer / shiva kumar 9848083705
DEBIT MEANS RECIEVING ASPECT.
CREDIT MEANS GIVING ASPECT.
Is This Answer Correct ? | 21 Yes | 3 No |
Answer / rajesh kumar panigrahi
In the language of book -keeping ,debit means the left hand
side of a T-form account ,and credit means the right hand
side of the T-form account. There is no other meaning.When
we say debit what comes in , credit what goes out etc. etc.
we are only talking of the golden rules of accounting
Is This Answer Correct ? | 17 Yes | 1 No |
Answer / sheshu babu
debit means left hand side credit means right hand side
debit; what comes in
credit;what goes out
there are golden rules of accounts
Is This Answer Correct ? | 16 Yes | 1 No |
Answer / ram prasad
Debit means who owes money to the business
credit means to whom owes money by the business
Is This Answer Correct ? | 15 Yes | 7 No |
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Why Copyrights,patents,goodwill etc.etc. falls under real account and not nominal or personal account? I know anything which affect trading & Profit & Loss accounts are nominal accounts.And the above do not affect the Trading or P/L accounts but on the other hand they are intangible and neither can they fall under real accounts as Real accounts are those that are not personal and they are tangible. Again in another way if we see, Patents, Copyright ,Goodwill etc. etc. kindoff acts as a representative of a person or a company like in the same way as a Bank or Company name,so they can they not fall under Personal Account??
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