What is the debit and credit?

Answer 1

For the above questions, the three golden rules of accounting policies will give us the best answers. 1. Real a/c: Debit what comes in and Credit what goes out. Eg. Cash paid debtor. 2. Personal a/c: Debit the receiver and Credit the giver. eg. Ram (Dr)received cash from Rahim- (Cr) 3. Nominal a/c: Debit all expensed and losses and Credit all Incomes and gains. Eg Loss on sale of comupter. Cash (Dr) computer (Cr) Please correct me if I am wrong... Thank you, Praveen

Answer 2

A debit note is an invoice, that is it is a note of money owed. Your suppliers send you an invoice for money you owe them. You send your customers an invoice for money owed to you. A credit note is the opposite, it is a note of money to be refunded or owed by the party raising the document. Most commonly credit notes are raised by your suppliers to cancel or reduce an invoice (debit note) or raised by you to your customers for the same reasons.

Answer 3

Just remember this word "AEDLIC"
A : Asset
E : Expense
D : Drawings
L : Liabilities
I : Income
C : Capital
Now divide AEDLIC as AED & LIC
Word till "D" will be debit if increased and words till C will be credited if increased.
And obviously if any thing is not being debited,then it will definitely be credited.