Question

'Every debit has its credit' .Explain it in detail in 10 marks question​

Answer 1

Explanation:

debit what comes in and credit what goes out ....in which reciever account is debited giver account is credited...

Answer 2

Every debit has a matching credit, according to the double entry system of accounting, thus the sum of all debits and credits must equal one another. Every business transaction, to put it simply, has an impact on two accounts. If one account is debited, the other will automatically receive a credit for the same amount.

For instance, if a company spends Rs. 5,00,000 on machinery, the machinery account will automatically be debited with that amount as the company is obtaining an asset for its operations, but the cash account will automatically be credited with the same amount as cash is leaving the company.

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