In accountancy we write "Debit" on left hand side and credit on right hand side....
But in Indian accounting "Jama" (Credit) is on left hand side and "Naave" (Debit) is on right hand side.

Why this difference is there??

Is it only a way of presentation or anything else???

Even if Debit is on left hand side and Credit is on Right hand side in ledger, then why liabilities are shown on left hand side and assets are shown on right hand side in the balance sheet???

Answer my query?

Why Debit is called Debit and Credit is called Credit???

Can anyone answer my query????

one public ltd company having turnover only 3.45 lac..


so AS-3 apply or not???

this company fall under LEVEL -I as per applicability of AS-3???

REPLY

Dear sir
we are a proprietor firm.we have fixed deposits in name of proprietor & firm.

My query is that whether we have to show in balance sheet those fixed deposits which are in name of firm or we can also show proprietor fixed deposits also in balance sheet.

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