Question

"every debit must have a corresponding credit" explain​

Answer 1

Answer:

According to Dual Aspect Concept, every transaction has two aspects, a debit and a credit of equal amount. In simple words, for every debit there is a credit and vice versa. For example, If we purchase a building for Rs 20,000. There are two aspects to the transaction. On one hand, asset is increasing (Building) while on the other hand asset is decreasing (cash). So, we can conclude that every debit has a corresponding credit.