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what is meant by debit and credit
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Answer Posted / muni krishnan .a
As per Accounting Priciples,
1.Personal a/c :Debit , What comes in
: Credit ,What goes out.
2.Real A/c : Debit ,the Receiver
: credit ,the Giver
3.Nominal A/c : Debit, all Expenses & Losses
: Credet ,all INcomes & Gains
| Is This Answer Correct ? | 5 Yes | 1 No |
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Why in a cash book receipts are debited while the same if received in our books recepits are credited. Why does cash book have a rule to debit receipts and credit payments. For example if am paying the cash that i owe the company or firm i debit in my books(cash) on the debit side and should credit in the cash book but i cant do that cash book take receipts on the debit side as per the general . please clarify many thanx in advance
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