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What is the difference between dr and cr in accounts?

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Question ajoutée par Tapas kimar Patri
Date de publication: 2016/05/04
Saiyid Maududi-Oracle Applications Consultant
par Saiyid Maududi-Oracle Applications Consultant , Entrerprise Architect , US Technomatrix, Inc

Hello Team,

If the words "debits" and "credits" sound like a foreign language to you, you are more perceptive than you realize—"debits" and "credits" are words that have been traced back five hundred years to a document describing today's double-entry accounting system.

Under the double-entry system every business transaction is recorded in at least two accounts. One account will receive a "debit" entry, meaning the amount will be entered on the left side of that account. Another account will receive a "credit" entry, meaning the amount will be entered on the right side of that account. The initial challenge with double-entry is to know which account should be debited and which account should be credited.

Regards,

 

Saiyid

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