every debit must have a correspondi ng credit explain
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Every debit must have a corresponding credit. It is because every transaction has two aspects according to the dual concept. The accounting equation such as Assets = Equities i. e( Capital + liabilities) also have dual aspect concept.
Just for example - Sold building ₹75,000
This transaction shows that every transaction has dual aspect. Similarly in this transaction first aspect is sold i. e sales and second is building Which is sold. In this way.. journal entry will be
Building@/c dr 75,000
To sales @/c 75000
( being sold building on cash )
Thus, it show that every debit has corresponding credit or vice versa.
Just for example - Sold building ₹75,000
This transaction shows that every transaction has dual aspect. Similarly in this transaction first aspect is sold i. e sales and second is building Which is sold. In this way.. journal entry will be
Building@/c dr 75,000
To sales @/c 75000
( being sold building on cash )
Thus, it show that every debit has corresponding credit or vice versa.
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