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Answer Posted / 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..................
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