Meaning of 'debit and 'credit'

as basically ,GAAP uses this number line system
in this way

 

Good friend.. I got quite good answers from all of you.. Here I explain the meaning of debit and credit---

Debit means - My money/assets ( Items on which I have spend my money)

Credit means - Others money ( Items by which others money is with me)

I spend money for purchase of stationery.. so its my money used. so stationery is debited. If I buy one asset, it is purshased from my money so it is debited.

I case of income .. its others money coming to me.. so it is credit

DEBIT MEANS DEBIT RECORDS

CREDIT MEANS CREDIT RECORDS

DEBIT the buyer

CREDIT the giver

Debit means increase in assets or decrease in liabilities

Credit means a decrease in assets or increase in liabilities.