Answer Posted / h.r. sreepada bhagi
In Accounting Debit means Indebted by and Credit means
Indebted to. Debit & Credit are the basic rules of
accounting and it applies to every transaction having
monetary implication. The basic point one needs to remember
is, in every transaction total of debits equal to total of
credits. Source of Debit & Credit in Book keeping is
transaction voucher and the destination is the period end
Financial Statements, i.e. Profit & loss A/c (or Income &
Expenditure A/c) and Balance Sheet.
In the Profit & Loss A/c, all incomes are credits & all
expenses are debits. In the Balance Sheet, All assets are
Debit and All liabilities and Networth (Capital & Reserves)
are credits.
Is This Answer Correct ? | 6 Yes | 9 No |
Post New Answer View All Answers
i want the steps involved in the customization for the process order. my situations is if i take the process order for x qty then stores people can issue only x qty not less or not more. how to do this. pls help me
difference between vat 47 & vat 49
Expand-------NABT
distinguish between Bill of Exchange and Promissory Note
Hello to every body ... Its not its not a interview question In accounting field can we make Money ?
How you implemented a chargeback system?
what are the seven accounting rules
what is purchase tax in rajasthan.
how many schedules are there in accounting?
write about an e-mail to manager seeking permission for leave
hi gurus , plz can anybody forward ur cv of accounts/finance related , exp of 4+ years to afreenjuveriya@yahoo.com
differed tax liability
what is composition vat
Hi, I would like to check if my understanding is correct I have a negative amount for provision of income tax in my balance sheet from my previous financial year.What are the accounting treatments for income tax paid and then refunded to you for the current year? Is this correct? For payment Dr provision of income tax cr bank For tax refund Cr provision of income tax Dr bank Do I need to input anything in income tax expense acct?
what is cc limit and what role accountant play to maintain it?