05-04-2005, 07:31 AM
we can clearly see from above posts that there is no universal definition of debit and credit.everybody is giving his own definitions.
i though now believe on mr.Farhans definition which says that debit and credit and latin words which means left and right hand sides respectively.MY teacher also told me this definition.
i think that other people who are saying about things such as increase in assets,or liabilites or favourable or unfavourable effects etc are talking about debit/credit rules and not about the pure definition of debit and credit,
bilal
i though now believe on mr.Farhans definition which says that debit and credit and latin words which means left and right hand sides respectively.MY teacher also told me this definition.
i think that other people who are saying about things such as increase in assets,or liabilites or favourable or unfavourable effects etc are talking about debit/credit rules and not about the pure definition of debit and credit,
bilal