Question

What is credit and debit?

Answer 1

Debit - It is an accounting entry made to keep accounts updated. It appears left side of ledger A/C. Debit increases Asset, Expenses and Loss and decreases Liability, Income and Gain.

Credit - It is an accounting entry made to keep accounts updated. It appears right side of ledger A/C. Credit increases Liability, Income and Gain and decreases Assets, Expenses and Loss.

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