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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.
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