10-22-2004, 01:05 AM
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" id=quote>quote<hr height=1 noshade id=quote> MR Azeem
I said they r two column ok...Now a days diff ledgers ,generals & reports are used for reporting ....always ur definition of left & right coulmn r not true...............
e.g. see the presentaion of balance sheet as per company law..Does ur definition apply...?..........
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
Dear Ehrar
I am sure your would APPRECIATE and IDENTIFY the difference b/w ledger/journals/prime books of entries and financial statements.
i m sure you are not asking me to find DEBIT and CREDIT in a balance sheet.......are you???
Yes you are correct Debit and Credit are the names of two columns of a LEDGER/JOURNAL/ANY OTHER BOOK OF ENTRY where the left column is called DEBIT and right column CREDIT.
It is an accounting rule and have no SCIENTIFIC or RATIONAL reasoning why Debit is always on left? or why are they called Debit and Credit and why not Left and Right?
as i mentioned in my previous post, i dont agree with the concept of + and - or Incomming and Outgoing, this method always confuses the students. Rather give them this table and asked them to learn by heart ....yes Rattafication once they have mastered this Ratta then asked them to use their accounting concept. it is like when we were in class 1 or 2 we learnt Tables from 2 to 10. but unless we learnt that we could not go to the next stage which was DIVISIONS, so sometimes it is better to accept the fact as it is and once u have acheived significat competence over the USE of it - then use ur concepts.
the table is as follows
Increase Decrease
Assets Debit Credit
Expenses Debit Credit
Liabilities Credit Debit
Revenue Credit Debit
Capital Credit Debit
Kind Regards
Azeem
I said they r two column ok...Now a days diff ledgers ,generals & reports are used for reporting ....always ur definition of left & right coulmn r not true...............
e.g. see the presentaion of balance sheet as per company law..Does ur definition apply...?..........
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
Dear Ehrar
I am sure your would APPRECIATE and IDENTIFY the difference b/w ledger/journals/prime books of entries and financial statements.
i m sure you are not asking me to find DEBIT and CREDIT in a balance sheet.......are you???
Yes you are correct Debit and Credit are the names of two columns of a LEDGER/JOURNAL/ANY OTHER BOOK OF ENTRY where the left column is called DEBIT and right column CREDIT.
It is an accounting rule and have no SCIENTIFIC or RATIONAL reasoning why Debit is always on left? or why are they called Debit and Credit and why not Left and Right?
as i mentioned in my previous post, i dont agree with the concept of + and - or Incomming and Outgoing, this method always confuses the students. Rather give them this table and asked them to learn by heart ....yes Rattafication once they have mastered this Ratta then asked them to use their accounting concept. it is like when we were in class 1 or 2 we learnt Tables from 2 to 10. but unless we learnt that we could not go to the next stage which was DIVISIONS, so sometimes it is better to accept the fact as it is and once u have acheived significat competence over the USE of it - then use ur concepts.
the table is as follows
Increase Decrease
Assets Debit Credit
Expenses Debit Credit
Liabilities Credit Debit
Revenue Credit Debit
Capital Credit Debit
Kind Regards
Azeem
