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What are debits and credits?

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In order to understand the debit and credit. U should keep the golden roles in mind. Personal a.c- debit is receiver and credit is giver. Real a.c- debit want comes in and credit what goes out And nominal a.c- debit is all expenses and credit is all ur income
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Debit what comes in Credit what goes out Dr the receiver Cr the giver Dr are all expenses and losses Cr are all gain and income
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Tutor with Banking and Accountancy experience of 35 years

There are two types of accounting. One by adapting the principles of double entry ie called double entry system of book keeping. 2. other modes, whatever maybe, is termed as single entry system of book keeping. Under double entry, there are two aspects for a transaction. They are debits and credits....
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There are two types of accounting. One by adapting the principles of double entry ie called double entry system of book keeping. 2. other modes, whatever maybe, is termed as single entry system of book keeping. Under double entry, there are two aspects for a transaction. They are debits and credits. All the Expenses and assets are debited and all incomes and liabilities are credited read less
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In double entry book keeping system, Debit (DR) and Credit (CR) have important roles to journalize the transactions. For Every debit, there must be equal amount of credit for balancing. The Golden Rules classifies the account in to 3 type and signifies the rules for debit and credit. 1) Personal...
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In double entry book keeping system, Debit (DR) and Credit (CR) have important roles to journalize the transactions. For Every debit, there must be equal amount of credit for balancing. The Golden Rules classifies the account in to 3 type and signifies the rules for debit and credit. 1) Personal Account ; 2) Real Account; 3) Nominal Account Rule For Personal Account- Debit the receiver and Credit the Giver Rule for Real account- Debit what comes in and Credit What goes out Rule for Nominal Account- Debit all Expenses / Losses and Credit all Incomes / Gains. The double entry accounting system also prevails the accounting equation, Asset = Liability + Equity The criteria for Debit and Credits are applicable for all elements in the accounting equation mentioned below. Asset- Increases (Debit) | Decreases (Credit) Liability- Increases (Credit) | Decreases (Debit) Equity- Increases (Credit) | Decreases (Debit) Note:The Net profit or portion of net profit always increases the values of Equity and at the same time Net Loses or Portion of Net Losses decreases the value of Equity Profit = Income - Expenses Losses = Expenses - income Therefore, increase in Income and Decrease in Expense are always Credit and Decrease in Income and Increase in Expense are always Debit. read less
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The Financial transaction of the business entity is divided into debit or credit transaction. Every transaction will have 'debit as well as credit transaction as per double entry system of book-keeping'. THE GOLDEN RULES OF DEBITS AND CREDITS ARE: 1. Personal a/c : Debit the receiver and ...
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The Financial transaction of the business entity is divided into debit or credit transaction. Every transaction will have 'debit as well as credit transaction as per double entry system of book-keeping'. THE GOLDEN RULES OF DEBITS AND CREDITS ARE: 1. Personal a/c : Debit the receiver and Credit the giver 2. Real a/c : Debit what comes in and Credit what goes out the entity 3. Nominal a/c : Debit all expenses and losses, and Credit all incomes and gains. read less
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Business doubts

goldan rule is debit whats come in and credit whats goes out
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Assistant professor

Debit and credit are the effect which we give the transaction in case of accounting transaction which is differ and based on the nature of transaction
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