04-05-2005, 08:40 AM
Desert sleet,u have explained debit credit rules but my question is that how would u define debit and credit.in order to understand debit credit rules ones needs a lot of practise of journal enteries but imagine u are faced with a situation when a doctor or engineer ask u what is debit and credit.it will be quite embarassing for them if u starts explaining debit credit rules to them because they will not be able to understand it in a short period.
Here is a brief and complete summary of debit credit rules
(1) Debit which comes in
credit which goes out
(2) Debit The receiver
credit The giver
(3)Debit expenses/assests
credit income/liabilities
off course u have to take into account the increase/decrease rule as well.
bilal
Here is a brief and complete summary of debit credit rules
(1) Debit which comes in
credit which goes out
(2) Debit The receiver
credit The giver
(3)Debit expenses/assests
credit income/liabilities
off course u have to take into account the increase/decrease rule as well.
bilal
