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
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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.
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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
<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