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Every debit must have a corresponding …

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Every debit must have a corresponding credit . Discuss

Posted by Sangeeta Gupta 8 years ago

CBSE > Class 11 > Accountancy

1 answers

Swami Jee 6 years, 4 months ago

Every debit must have a corresponding credit. According to Dual Aspect Concept, every transaction has two aspects, a debit and credit of equal amount.

Every entry into the financial records of a business must balance with an equal value in debits as in credits however there could be different numbers of debits and credits therefore not a one for one matching. In double-entry accounting every debit has a corresponding and equal credit.

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