B.com
This query is : Resolved
14 June 2017
What is the meaning of debit and credit?
15 June 2017
It is the language of accountancy.
For a common man, these words are required to be understood in the context of the type of account viz. Real account, Personal account, Nominal account
Real account...debit = increase, addition to account
Personal....debit = increase in the indebtedness
Nominal ...debit = increase in the amount of expenses = decrease in the amount of gains.
For a common man, these words are required to be understood in the context of the type of account viz. Real account, Personal account, Nominal account
Real account...debit = increase, addition to account
Personal....debit = increase in the indebtedness
Nominal ...debit = increase in the amount of expenses = decrease in the amount of gains.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF Withdrawal Where to show in ITR2
- GST ON SOLAR POWER PANELS
- 54 F disallowance presentation in ITR 2
- Regarding ITC show in Electronic Credit Reversal and Re-claimed Statement.
- TDS on disallowance and reporting
- Requirement of MGT-14 for resolution passed at EGM for appointment of auditor
- ICWAI-Final
- Gratuity Fund Audit & ITR
- RCM gst liability and return query
- HSN details in Table 12 for gstr1
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
CAclubindia
