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Please give me exact Definition of Debit / Credit

 
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Please give me exact Definition of Debit / Credit
Dard
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#4
02-17-2010, 11:21 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Ali RAZA</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by yasir_live</i>
<br />Debits represent increases in value of assets and expenses and decreases in income, liabilities and equity


Credits represent increases in liabilities, equity and income and decreases in assets and expenses
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

WRONG..

There is no definitin of debit and credit. Debit is left side of T account and credit is the right side of T account.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
You are wrong dude, debit credit are not just the sides of a T account
. T account is made after the entries
Debit is an increase in Asset, Expense. Credit is an increase in liability, gain/income or capital
Similarly decrease in liability, gain/income or capital is debit, decrease in asset, expense or loss in credit
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Messages In This Thread
Please give me exact Definition of Debit / Credit - by M.Shahi - 02-17-2010, 08:20 PM
[No subject] - by yasir_live - 02-17-2010, 08:49 PM
[No subject] - by Ali RAZA - 02-17-2010, 09:47 PM
[No subject] - by Dard - 02-17-2010, 11:21 PM
[No subject] - by samis899 - 02-17-2010, 11:25 PM
[No subject] - by M.Shahi - 02-18-2010, 05:41 PM
[No subject] - by Mahtab - 02-18-2010, 05:59 PM
[No subject] - by amahmood_satti - 02-18-2010, 06:14 PM

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