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In Accounting Terms
1. what is meant by debit Rs.1000/- to Mr.Ramu account ?.
2. What is meant by credit Rs.1000/- to Mr.Ramu account ?.
3. What is meant by Ramu account was Debited or Credited ?.
4. Generally in accounting terms what is meant by Debit or
Credit His / Her account ?.
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Answer Posted / xyz
1- paid to Mr. Ramu or genrating an account receivable or
decreasing account paybale or decreasing liablities
2- received from Mr. Ramu or genrating account payable or
increasing liabilities or decreasing account receiveables
3- if payment is made by Ramu his account will be debited
and if payment is made to Ramu his account will be credited
4- Debit to account means increase in account and credit in
account means decrease in account
| Is This Answer Correct ? | 5 Yes | 2 No |
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