no doubt is silly!!!!

Jus remember 3 golden rules:

1.Real account:Debit what comes in and credit what goes out

2.Personal Account: Debit the receiver, credit the giver

3.Nominal Account: Debit all expenses and losses and credit all incomes and gains!!!!!!!!!

In a T-shaped account, left side is called Debit, right side is called Credit.

Originally posted by : Lovely(Khushi)
	no doubt is silly!!!! Jus remember 3 golden rules: 1.Real account:Debit what comes in and credit what goes out 2.Personal Account: Debit the receiver, credit the giver 3.Nominal Account: Debit all expenses and losses and credit all incomes and gains!!!!!!!!!

 what actually i meant to ask is the meaning of debit and credit. 

for example :-  Ledger means a summary of accounts... similarly i am asking what is meant by debit and credit..

Kind regards

Debit is an entry recording an amount owed, listed on the left-hand side or column of an account or it can be said as an accounting entry acknowledging sums that are owing. On the other hand, Credit is an entry recording a sum received, listed on the right-hand side or column of an account.

Debit and Credit items:
When an item brings favorable effects for your business (business, not you) it is called Dr and vise versa. 
Debit and Credit sides:
Where a favorable Item is written is called Dr Side and where an unfavorable item is written is called Cr Side.

@ P Vinodh:Thr is no universal definition of Debit and credit.

Originally posted by : Lovely(Khushi)
	@ P Vinodh:Thr is no universal definition of Debit and credit.   Debit and Credit can be define as the alphabets of Accounting. as we cann't define the letter A in english, So we cann't define Dr and Cr except as the alphabets of accounting.

AGREED