Debit and credit are accounting terms for different columns. The debit column shows money going out of an account, the credit column shows money going into the account.Debit is something being withdrawn from your bank account is a minus to your account i.e money leaving your pocket/account and Credit is something being deposited into your account is a plus to your account i.e the money coming into your pocket/account.

poonam.. ur answer is similar to golden rules.. u have given example of golden rules.. I want a different answer

Well...............

Jo Gaya vo debit......JO Aaya vo credit..........

Boxing m .............when u got hit ..its credit......& when u hit ..its debit.............

benefit  that is coming into the organisation is debit and benefit going outside the organisation is credit.

ex: salary paid to employees

salary a/c Dr.   benefit coming is services of employees to company

cash a/c Cr.    benefit going is cash outflow from company

We have to explain the thing based on golden rules only but if you want explain it to lay man then bifurcate 4 things in 2 groups

2 - Items of Profit and Loss - Expenses and Income

2 - Items of Balance Sheet - Liabilities and Assets

Amount which he had spent for his expenses are Debit Amount.

Amount which he had earned are credit Amount.

Again amount which he had spent for increasing his earning capacity and for his day to day life ( i.e Home + Home appliances + Basic Needs ) are the debit balance.

Amount which he is required to pay to outsider is the credit balance.

Simple BANIYA Hisab - for Balance sheet - Jo mere pass aane ka baki he ya mera paisa kisi ke pass jama he woh DEBIT and Maine kisi ke pass se UDHARI pe liya he toh Credit.

UDHARI PE DO - Debit Balance

UDHARI PE LO - Credit balance.

I think so, Debit & Credit are similar to mathematical sign. For eg. "+" which indicate the process of addition . Debit indicates the left side of the account and creedit indicates the right side of account. 

Every transaction always involves two aspects.One aspect is known as debit and another is known as credit.Eg if you purchase something you have to give something in return.Geting something on purchase is one aspect of the transaction & giving something in return is the another aspect.Accounting tries to record both aspects hidden in any transaction which can be expressed in monetary terms !!!

in lay person language
DEBIT is an application of resources
CREDIT is an source of resources

furhther resources can be in the form of cash, kind, goodwill etc.
but for purpose of Accounting we take record of those transactions only which can be measured in monetary terms as per  "MONEY MEASUREMENT CONCEPT" of accounting

As you have to explain this to a lay man, Debit and Credit is nothing but a terminology used in accounting but for a lay man debit means given (diya or naame) and cerdit means received (liya or Jama).