what is the meaning of the terms credit and debit?what is the meaning of the line or phrase"credit in debit out"????explain with a suitable example i am not able to undrestand what these terms actually mean in a transaction pls explain thoroughly so that i can get the concept clear in my mind!!!!pls help guys!
it is a kind of rule taht states that is related to real account that is debit what comes in and credit what goes out
for eg. if i purchase say furniture on cashthen
i will debit furniture account becoz it is coming in and while puchasing furniture on cash then cash is going out so it will be credited
furniture account dr.
to cash account