as basically ,GAAP uses this number line system
in this way
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Meaning of 'debit and 'credit'
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
What is the purpose behind this post sir?
Debit means owned to owner i.e jo chiz owner ki h like exp and assets and Credit means trust in owner
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.
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