what is debit and credit ?

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   debit means what comes in and credit means what goes out.
   by vinay gupta

   Answer by vinay gupta 483 days ago

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   debit mean what is increasing accounts and credit mean what is decreasing of the bussiness

   Answer by mukhtar ahmed 482 days ago

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   “debit mean what is increasing accounts and credit mean what is decreasing of the business” and it means…”what comes in and credit means what goes out.”

   Answer by Floss Merrigold 481 days ago

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   As a layman’s understanding ‘debit’ means positive(+) , and ‘credit’ means negative
   (-). Such a debit and credit should be equal to each other. You can get the word ‘Debit’ and ‘Credit’ as of Business or Accountancy subjects. Actually, according to the rule of Debit & Credit (based on Accountancy’s concept & principles), debit and credit are expressed as follows:
   1. Debit the receiver and credit the giver.
   2. Debit what comes in and credit what goes out.
   3. All expenses and losses are debited and all incomes and gains(Profit) are credited.
   More or less , the whole Double Entry System of the Accounting Method is based on ‘ Debit & Credit’.

   Answer by Ganesh Singh Bhandari 473 days ago