Debit & Credit
This query is : Resolved
15 February 2011
i always face the problem of DEBIT & CREDIT. give me example & concept of debit & credit so i wil never forget & mistake for debit & credit
15 February 2011
SUPPOSE,
YOU GOODS SOLD TO RAM AND COMPANY OF RS. 1,00,000/-
JOURNAL ENTRY WILL BE :-
RAM AND COMPANY DR.100000
TO CASH / BANK 100000
(BEING GOODS SOLD )
WHEN U RECEIVED THE AMOUNT :-
CASH / BANK ACCOUNT DR.100000
TO RAM AND COMPANY 100000
BEING RECEIPT IN RESPECT OF GOODS SOLD)
TO AVOID CONFUSION ABOUT DEBIT AND CREDIT READ LINK:
https://www.quickmba.com/accounting/fin/debits-credits/
YOU GOODS SOLD TO RAM AND COMPANY OF RS. 1,00,000/-
JOURNAL ENTRY WILL BE :-
RAM AND COMPANY DR.100000
TO CASH / BANK 100000
(BEING GOODS SOLD )
WHEN U RECEIVED THE AMOUNT :-
CASH / BANK ACCOUNT DR.100000
TO RAM AND COMPANY 100000
BEING RECEIPT IN RESPECT OF GOODS SOLD)
TO AVOID CONFUSION ABOUT DEBIT AND CREDIT READ LINK:
https://www.quickmba.com/accounting/fin/debits-credits/
15 February 2011
Always follow Golden Rule of Accountancy..
1. For Personal Accounts
Debit- the receiver & Credit- the giver
2. For Real Accounts
Debit- what comes in & Credit- what goes out
3. for nominal accounts
Debit- all expenses/losses & Credit- all incomes/ gains
1. For Personal Accounts
Debit- the receiver & Credit- the giver
2. For Real Accounts
Debit- what comes in & Credit- what goes out
3. for nominal accounts
Debit- all expenses/losses & Credit- all incomes/ 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
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
