What is the difference between debit and credit?

Debit to the creditor and credit to the debitor

The difference between debit and credit can be drawn clearly on the following grounds:

1. Debit refers to the left side of the ledger account while credit relates to the right side of the ledger account.
2. In personal accounts, the receiver is debited whereas the giver is credited.
3. Whatever comes in, is debited in real account, while whatever goes out is credited in it.
4. For nominal account – all the expenses and losses are debited, however, all incomes and gains are credited.
5. The increase in debit is due to rise in cash, inventory, plant and machinery, land and building, expenses like salary, insurance, tax, dividend, etc. The increase in credit is due to rise in shareholders fund, membership fees, rental income, retained earnings, Account payable, etc.

debit mins jma and credit mins niklwana

Debit means : as per accounting to be earned amount or to be receivable

Credit means : Payable amount or outstanding amount

golden rule of accounting mainly 3

real account  :debit what comes in credit what gos out 

nominal account :debit all expense and losses and credit all income and gains

personal account : debit the receiver credit the giver 

Debits are when they give money to you, they debit your account (decrease a liability) and credit their cash balance (decrease an asset) . If at the end of the period, you have a credit balance then they owe money to you, a debit balance means you owe money to them

increase in assets is debit and decrease in assets is credit.