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:
http://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:
http://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
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