Question

explain the rule of credit and debit​

Answer 1

Answer:

Opposite to debits, the “credit rule” state that all accounts that normally contain a credit balance will increase in amount when a credit is added to them and reduce when a debit is added to them. The types of accounts to which this rule applies are liabilities, equity, and income.

Answer 2

Cʀᴇᴅɪᴛ :-

Credit is passed when there is a decrease in asset or increase in liabilities and owner's equity

Dᴇʙɪᴛ :-

The debit is passed when an increase in asset or decrease in liabilities and owner's equity