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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2011 respected sir/madam,here i have one doubt regarding debit and credit?
what is debit?and what is credit?will you give clear information about these aspects........
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
28 July 2011 Hi,

Debit/Credit is terms used in double entry system of accounting. for debit/credit rules need to under stand with the 3 type of accounts such as 1. Nominal accounts 2. Real Account 3.Personal account

under Nominal account
Debit: Expenses & Losses
Credit:Incomes & Gains

Under Real account
Debit: what comes in
Credit:what goes out

Under Personal account
Debit: the receiver
Credit: the giver
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