Define debit and credit?

Question

manaf almas · Answer

simply we can prepare trial balance   debit all expenses and assets & credit all libilities and incomes .in case of p&L AC debit all expenses and losses , credit all incomes and gains

Sameer Radi · Answer

an easy defention of debit and credit its : Rights & Obligation respectivly .

maricar ribo · Answer

debit what comes in,credit what goes out.

farhan khan · Answer

a double entry accounting system in which if there is increase in assets we record in debit side of the ledger or general journal and if there is decrease in asset we record in the credit side

Arjun Unnikrishnan · Answer

i would like to answer this in more simpler terms.
Debit= Assets.
Credit= Liabilities

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Define debit and credit?

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