as basically ,GAAP uses this number line system
in this way
CA.Satyaranjan Jena
(Service)
(266 Points)
Replied 11 March 2013
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
SACHIN KHETAWAT
(Student)
(349 Points)
Replied 12 March 2013
deepak
(N.A.)
(25 Points)
Replied 12 March 2013
DEBIT MEANS DEBIT RECORDS
CREDIT MEANS CREDIT RECORDS
C S Santhana Krishnan
(System Executive)
(35 Points)
Replied 12 March 2013
DEBIT the buyer
CREDIT the giver
Mohit kumar
(Student)
(5 Points)
Replied 21 September 2016
Debit means increase in assets or decrease in liabilities
Credit means a decrease in assets or increase in liabilities.
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