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What is the best way to know 100% the difference between any Debit & Credit Transaction ?

I think its sample answer for what is the difference between Debit and credit and you can apply it allover your life.

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Question added by khaled Ibrahim Sayed Abd El Salam Ibrahim , Chief Accountant , -ElMehy engineering company
Date Posted: 2014/01/15
Mohamed Billow
by Mohamed Billow , Financial & Tax Consultant , Mabrook Computers Limited, Hu One Constructions Limited, Aqsa Investment Limited and Hanat Ltd

Debit is Asset while credit is liability according to General Journal entry, trial balance and balance sheet but according to income/profit and loss/financial statement credit is consider as income and debit as expense...........

Gian Karlo Francisco
by Gian Karlo Francisco , Accounting Assistant , PHIMCO INDUSTRIES, INC

Debit- normal balance account for Asset, Capital and Expense

Credit normal balance account for Liability and Income

Asif Moidutty
by Asif Moidutty , Accounts Manager , Nehmeh Corporation

Debit what comes in and credit what goes out.

Debit who receives and Credit who gives.

Debit all expenses & losses and Credit all incomes & gains

rohit saxena
by rohit saxena , Senior Associate , Copal Amba

In simple language as per type of accounts:-

Real account: -Debit what comes in and credit what goes out.

Personal account:- Debit who receives and Credit who gives.

Nominal account:- Debit all expenses & losses and Credit all incomes & gains

khaled Ibrahim Sayed Abd El Salam Ibrahim
by khaled Ibrahim Sayed Abd El Salam Ibrahim , Chief Accountant , -ElMehy engineering company

I wish every account to apply my answer as its very smiple ,,,((( The one who take is always DEBIT & the one who give is always CERDIT ))).

Ahmed Hamdy Mohamed Mohamed Mohamed
by Ahmed Hamdy Mohamed Mohamed Mohamed , Assistant Financial Manager , El Shahd Contracting, Export and Import

OMG!

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