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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
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.
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.
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Is bank loan credit or debit in trial balance?
credit
Bank overdraft is in debit or credit side?
credit side
Is insurance credit or debit?
Debit
Is an investment credit or debit?
Debit
Is furniture and fixtures a debit or credit?
Furniture is a credit and so is fixtures But furnitures are asset and fixtures are expenses
Is prepaid insurance a debit or credit?
Debit
Does cash on hand have a debit or credit balance?
credit
Is cost of sale credit or debit?
Credit or debit
Is a refund to a credit card a debit or credit?
Debit
What are the rules of debit and credit for assets?
There are three rules for recording transactions: Personal account Debit the receiver. Credit the giver. Real account Debit what comes in. Credit what goes out. Nominal account Debit all expenses.There are three Golden Rules for Debit & Credit, whole accounting is depend on these three rules :- 1. Debit what comes in & Credit what goes out. 2. Debit the receiver & Credit the..Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
Why is it important to memorize the debit and credit rules?
Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
Is drawing debit or credit?
its debit.
How do you post a debit or a credit?
debit is the receiver,credit is the giver
how can i paywe do not have credit or debit cart?
how can i pay?we do not have credit or debit cart
Is bank loan credit or debit in trial balance?
credit
Bank overdraft is in debit or credit side?
credit side
Is cash is an debit or credit?
debit
