Please give me exact Definition of Debit / Credit

M.Shahi · 02-17-2010, 08:20 PM

Yar can anyone tell me exact Definition of Debit and Credit?

Thanks

yasir_live · 02-17-2010, 08:49 PM

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

Ali RAZA · 02-17-2010, 09:47 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by yasir_live
 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"></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.

Dard · 02-17-2010, 11:21 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Ali RAZA
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by yasir_live
 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"></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"></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

samis899 · 02-17-2010, 11:25 PM

The term debit comes from Middle French debet from Latin debilitum "that which is owed" (the neuter past participle of debere "to owe"). The term credit comes from the Latin creditum meaning "that which is entrusted or loaned" from the past participle of credere "to trust or entrust".

M.Shahi · 02-18-2010, 05:41 PM

Thanks for all of ur views.
But the conclusion is that no fianl definition came to an end until now.... Pls. do it to athentic one...

Mahtab · 02-18-2010, 05:59 PM

Debit is left side
credit is right side

amahmood_satti · 02-18-2010, 06:14 PM

Dear M. Shahi,

Debit and Credit can be remembered as, the account which receives value is called Debit and the account which gives value is called credit. But you have to learn about Assets, Liabilities, capital, income & expenses to further strengthen the concept of debit and credit.

Regards,