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AKASH

AKASH (Querist)
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20 July 2010 Why Debit is called Debit and Credit is called Credit???

Can anyone answer my query????

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 July 2010 Debit is called debit and credit is called credit because they are accounting terms.

GOLDEN RULES OF ACCOUNTING

REAL ACCOUNTS:--
DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT

PERSONAL ACCOUNTS:--
DEBIT THE RECEIVER
CREDIT THE GIVER

NOMINAL ACCOUNTS:-
DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES

AKASH

AKASH (Querist)
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20 July 2010 Is it so????
There is no any hard and fast rule????

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 July 2010 No Dear these are accounting terms.
Just their meaning as per dictionary correlates with their application.

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