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Whats the real meaning of Debit and Credit ?

For your ease i am adding a website here you go . http://en.wikipedia.org/wiki/Debits_and_credits

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Question added by Salim Roman , Accounts Manager Cum Public Relation Officer , Prime Dent Medical Equipments and Supplies LLC
Date Posted: 2014/01/14
Reham Elhamy Allam
by Reham Elhamy Allam , Customer Relationship Manager , DarGlobal Development

EX

debit card you use your own money, credit card you enjoy the money of the bank and pay back later

Mohammad Tohamy Hussein Hussein
by Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group

I am not the expert. My understanding is that my debit is the money I have to pay and my credit is the amount I can spend now and pay later.

Nitin Gupta, ACA
by Nitin Gupta, ACA , FP&A , Rockwell Automation

Debit what comes in and credit what goes out. Its the Golden rule of Accounting.

Sidharrth  Pillaii
by Sidharrth Pillaii , System Engineer , Abtech Technologies

the real meaning od debit and credit is what comes in credit and what goes out is debit from and account.

mukkur srinivasan varadhan
by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

Accounting is a logic.It is designed as follows:

Debits and credits are two sides of an account in the double entry system of Accounting..

(1)Assets, Expenses,loss are debits .

(2)Liabilities, revenue receipts,profis are credits. 

(3)When ther above debits are credited, that goes to reduce the account. Whe the above credits are debited ,it goes to reduce the account.

(4)When the above debits are debited, it goes to increase the account.When the above credits are credited, it goes to increase the account.

Abdul Wahab
by Abdul Wahab , Credit Controller , Takween Advanced Industries

In very easy words.

Which is coming to you is your debit, It is credit for other party.

and Which is going from for you is credit.  It is debit for other party.

عبد الحكيم أحمد سعيد الصباري
by عبد الحكيم أحمد سعيد الصباري , المدير التنفيذي , دار الخبراء لتطوير الأعمال

Which is going out  is credit

Which is coming in is  debit

Menerva Melad
by Menerva Melad , Account Executive, Key Accounts , Graphic Home Company

When you have a Debit account/ card, it means you'll be the one responsible in depositing a certain amount in that. Which is based on your financial status. How much do you have in spare to deposit in your account without limits. While having a Credit account/ card, the bank will provide you a specific amount (let's say $10,000) and you will have to pay that within the period the bank will tell you.

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