Interested to Buy Any Domain ? << Click Here >> for more details...
What is the full from of DR and CR ?
- 19 Answers
- 52156 Views
- Adani, Adani Wilmar, I also Faced
- E-Mail Answers
Answer Posted / chintan shah
While the actual origin of the terms debit and credit is unknown, the first known recorded use of the terms is Venetian Luca Pacioli's 1494 work, Summa de Arithmetica, Geometria, Proportioni et Proportionalita (translated: Everything About Arithmetic, Geometry, Proportions and Proportionality). Pacioli devoted one section of his book to documenting and describing the double-entry bookkeeping system in use during the Renaissance by Venetian merchants, TRADERS and bankers. This system is still the fundamental system in use by modern bookkeepers.[4]
One theory is that in its original Latin, Pacioli's Summa used the Latin words debere (to owe) and credere (to entrust) to describe the two sides of a closed accounting transaction. When his work was translated, the Latin words debere and credere became the English debit and credit. Under this theory, the abbreviations Dr (for debit) and Cr (for credit) derive from the original Latin.[5] However, Sherman[6] casts doubt on this idea because Pacioli does not use debere nor Dr nor any word of similar root in his journal entries. In fact Pacioli uses Per (Latin for "from") for the left side of the sentence and A (Latin for "to") to begin the right side. Sherman goes on to say that the earliest text he found that actually uses "Dr." as an abbreviation in this context was an English text, the third edition (1633) of Ralph Handson's book Analysis or Resolution of Merchant Accompts[7] and that Handson uses Dr. as an abbreviation for the English word "debtor." (Sherman could not locate a first edition, but speculates that it too used Dr. for debtor.)
| Is This Answer Correct ? | 1 Yes | 2 No |
Post New Answer View All Answers
EXPAND_________SDJMC
How can a Society be converted to a Private Limited Company in the Real Estate Industry and at the same time have the least tax liability upon it's profits earned during the financial year closing
What is the accounting treatment for finance lease in lessee's viewpoint?
What are the benefits ofparticipation in a depository?
what is account & what is finance
Tell me the steps for Import and Export Thanks
what is mean by T and E cosept
what is article of association? what is memorandum of association?
please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
If DEBT/EQUITY ratio 2:1, is to good or bad for a company? how...??? can u explain it...???
what are the important steps to take during the conversion of an accounting system.
how to prepare mba finance for interview questions
whether financing to Bulk Milk Coolers comes under CMA under Agriculture or Non Farm Sector
Can I freeze my account?
What is DECR And for wt it is used?
