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what is meant by debit and credit
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Answer Posted / pattan mohammad rafi
According to personal account
DEBIT THE RECEIVER
CREDIT THE GIVER
According to real account
DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
According to nominal account
DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL GAINS AND PROFITS
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Do I need a waybill in the following case:- If I purchase (on bill) small quantity goods (like artificial jewelry) from one state (say Delhi) and transports it personally (say via flight) to other state (say West Bengal) along with my personal belongings and then I put them to sell through my boutique in that state. Do I need waybill? If yes, what will be the procedure? Do I need to pay entry tax at WB? What will be the procedure? Am I doing anything unlawful while transferring goods personally? Please give your advice. Regards, Manoj
