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Debit-Credit Difference

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Debit-Credit Difference

Posted by Robin Yadav 4 years ago

CBSE > Class 11 > Accountancy

1 answers

Gaurav Seth 4 years ago

Debits and credits are used to monitor incoming and outgoing money in your business account. In a simple system, a debit is money going out of the account, whereas a credit is money coming in.

Debits are money going out of the account; they increase the balance of dividends, expenses, assets and losses. Credits are money coming into the account; they increase the balance of gains, income, revenues, liabilities, and shareholder equity.

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