CBSE Class 11-commerce Answered
What is credit
Asked by aniketburman9122 | 18 Jul, 2019, 10:38: PM
Expert Answer
Meaning of Debit and Credit:
- They are referred in the account in abbreviated form as Dr. for debit and Cr. for credit.
- Left-hand side of an account is termed as the debit side and right-hand of an account is termed as credit.
- These terms represent either increase or decrease in a particular account based on the nature of an account.
- If an item is recorded on the debit side of an account, it is said to be debited to the account and if an item is recorded on the credit side of an account, it is said to be credited to the account.
- As per Double Entry System of accounting, every business transaction has two aspects. One of them is the receiving or incoming aspect known as the debit aspect and the other is the giving or outgoing aspect known as the credit aspect.
Answered by Surabhi Gawade | 19 Jul, 2019, 10:11: AM
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