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Difference between credit n debit

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Difference between credit n debit

Posted by Alex Sk 7 years, 2 months ago

CBSE > Class 12 > Home Science

1 answers

Naveen Sharma 7 years, 2 months ago

BASIS FOR COMPARISON	DEBIT	CREDIT
Meaning	Debit is an entry which is passed when there is an increase in asset or decrease in liabilities and owner's equity.	Credit is an entry which is passed when there is a decrease in assets or an increase in liabilities and owner's equity.
Which side in T-format ledger?	Left	Right
Personal Account	Receiver	Giver
Real Account	What comes in	What goes out
Nominal Account	All expenses and losses	All incomes and gains

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