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Debits and credits

Debit and Credit Definitions Business transactions are events that have a monetary impact on the financial statements of an organization. When accounting for these transactions, we record numbers in two accounts, where the debit column is on the left and the credit column is on the right. A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is positioned to the right in an accounting entry. Debit and Credit Usage Whenever an accounting transaction is created, at least two accounts are always impacted, with a debit entry being recorded against one account and a credit entry being recorded against the other account. There is no upper limit to the number of accounts involved in a transaction - but the minimum ...
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Finance --------- Dr what comes in Cr what goes out Real ac, nominal ac :(Expenses) ex: Rent it would be in Dr Any Asset is a Dr Balance golden rule -------- what is the rule for nominal a/c 1. dr all expenses and losses 2. cr all gains, revenew Purchase             Debit --------------------------------- hdr -- Cr             Dr Dtl -- Dr             Cr Sale                 Credit ---------------------------------- Hdr -- Dr              Cr Dtl -- Cr              Dr Ageing popup ----------------- -- AP/AR type --> P/R   and Bill wise adjustment -- >Y Payable --> dr -->AV               Cr --> BR  Receivable --> Cr --> AV           ...
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