Basic
This query is : Resolved
20 July 2010
Why Debit is called Debit and Credit is called Credit???
Can anyone answer my query????
Can anyone answer my query????
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
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
20 July 2010
No Dear these are accounting terms.
Just their meaning as per dictionary correlates with their application.
Just their meaning as per dictionary correlates with their application.
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