Meaning
This query is : Resolved
Querist : Anonymous
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........
what is debit?and what is credit?will you give clear information about these aspects........
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
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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