02-15-2008, 07:29 AM
Very simple questions )
1) What is the definition of debit and credit ?
2) In BCOM we read that debit means "what we get" and credit is "what we lose", if this is true then why the expenses are debited bcz we r losing what we r debiting, similarly why we credit income as we are gaining it not losing it?
1) What is the definition of debit and credit ?
2) In BCOM we read that debit means "what we get" and credit is "what we lose", if this is true then why the expenses are debited bcz we r losing what we r debiting, similarly why we credit income as we are gaining it not losing it?
