What is credit and debit?
1 Answer(s)
Muhammad
In Financial Accounting language the term Debit means 'the left-hand side of an Account' and the term Credit means the 'right-hand side of an Account'.
The Accounting Rules or Convention of Debit/Credit that apply to the Account Types are as follows:
Assets - Dr an increase ; Cr a decrease
Liabilities - Dr a decrease ; Cr an increase
Capital - Dr a decrease ; Cr an increase
Income - Dr a decrease ; Credit an increase
Expense - Dr an increase ; Credit a decrease
Hope that answers your question
Nov 30 2015 01:23 AM
The Accounting Rules or Convention of Debit/Credit that apply to the Account Types are as follows:
Assets - Dr an increase ; Cr a decrease
Liabilities - Dr a decrease ; Cr an increase
Capital - Dr a decrease ; Cr an increase
Income - Dr a decrease ; Credit an increase
Expense - Dr an increase ; Credit a decrease
Hope that answers your question