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Answer Posted / ahuja
Account is divided into two parts.Left hand side is known
as 'Debit side' and right hand side is known as 'credit
side'.Amounts entered on the debit side are called debits
and amounts on the credit side credits. To debit means 'to
make an entry on the left hand side of the account'and 'to
credit means ' to make an entry on the right hand side of
an account'. The words debit and credit have no other
meaning in accounting.
In finance dedit means to have debit balance of the other
party.It is like a borrowing from others.
| Is This Answer Correct ? | 8 Yes | 0 No |
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