Question

briefly state the rules of debiting and crediting accounts classified on the basis of accounting equation? ​

Answer 1

Answer:

Here you go ,

Debit simply means left side; credit means right side.

ASSETS = LIABILITIES + EQUITY The accounting equation must always be in balance and the rules of debit and credit enforce this balance.

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Answer 2

Answer:

• A debit is an accounting entry that either increases an asset or expense account. Or decreases a liability or equity account. It is positioned on the left in an accounting entry.

• A credit is an accounting entry that increases either a liability or equity account. Or decreases an asset or expense account. It is positioned on the right in an accounting entry.