Question

what meant by the debit and credit? as per rule explain me

Answer 1

Modern accounting equation principle consists of five accounting elements. They are Assets, Liabilities, Income or Revenue, Expense, and Equity or Capital. ... Let us have a basicconcept of these elements to properly understand the accounting rule of debit and credit. Assets: Assets are normally debits.

Answer 2

Personal A/C : Debit the receiver of the benefit Credit the giver of the benefit Real A/C: Debit what comes into the business Credit what goes out of the business Nominal A/C : Debit all expenses and loses. Credit all incomes and gains.