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Debit to the creditor and credit to the debitor
The difference between debit and credit can be drawn clearly on the following grounds:
debit mins jma and credit mins niklwana
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.