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1) What is mean by debit, credit
2) what is mean by purchase, sales
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Answer Posted / swarnlata
1)Debit and Credit are two basic terms of business
dictionary used in business.
Debit is what comes in business,Expenses of the business
and losses of the business while Credit is what goes from
business, Incomes of business and Profit of business.
Debit and Credit terms help the business organisation to
know exactly what is the financial position of the business.
2)Purchase states for what is bought for business whether
it's machinery, furniture, building or any other assets.
While sales shows what is sold to the prospective customers
and consumers.
Purchase activity takes place when the ownership of the
prospective thing is received while the sales activity
takes place when the ownership is transfered to the buyer.
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