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

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CREDIT: means you have borrowed something (either it be in cash or in kind) and you will be returning it after a specified period of time. for example, credit taken by a bank for reinnovation/ expantion of a business.

DEBIT:  means you lend someone (cash or kind) for a certain period of time and will be recovering it on the specific day or time. for example, couple of book lent to your friend till his exam which he will return after his exams gets over.

CREDIT IN, DEBIT OUT: when you take some credit you mention it IN b'coz you're receiving it. when you lend someone the material gets out of your possession and you call it out.

RULES OF DEBIT AND CREDIT:  the rule for debit and credit are simple. all you need to be clear about is the types of a/c, i.e.; personal, real and nominal. and also what these a/c means. once these basics are clear you can easily get the concept what to credit and what to debit, what comes in and what goes out or debit the receiver and credit the giver.

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accounting is an art of recording, classifying, summarising in systematical manner in terms of money, transactions and  events which are a part of financial character and intepreating results thereof.

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in simple language debit refers to the left whereas credit refers to the right side.an item recorded in debit side of an account is said to be debited to the account and the balance resting on this side is called debit balance. it signifies that value has flowed to the named account whereas

credit refers to the left whereas credit refers to the right side.an item recorded in credit side of an account is said to be credited to the account and the balance resting on this side is called credit balance. it signifies that value has flowed from the  named account

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simple credit is the giver and debit is the reciver.

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For example ...A man X buys goods from another man Y and he promises to pay the amount later . The amount he said to pay later is the credit ! what the man X  gives is a credit ! 

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 Simply:

Credit is the Right-hand Side of an account.

Debit is the Left-hand Side of an account.

(They mean nothing more than these)

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Credit in and debit out

This statement is not truly correct. For Real Accounts, we give a credit even though it goes out.

.

You have to first understand the types of accounts and then the rules of debit and credit.

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Credit is that u accept from some one and promise to pay it back in a certain period of time,the line means that the income should be recorded in the credit side and the expenses should be recorded in the debit side.For example you get an income from selling your goods you should put it down in credit and if you purchase something which is an expense that should be noted down in debit side

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debit what come in, credit what goes out

debit all expensesand losses, credit all incomes and gains

debit the receiver and credit the giver

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CREDIT: means you have borrowed something (either it be in cash or in kind) and you will be returning it after a specified period of time. for example, credit taken by a bank for reinnovation/ expantion of a business.

DEBIT: means you lend someone (cash or kind) for a certain period of time and will be recovering it on the specific day or time. for example, couple of book lent to your friend till his exam which he will return after his exams gets over.

CREDIT IN, DEBIT OUT: when you take some credit you mention it IN b 'coz you 're receiving it. when you lend someone the material gets out of your possession and you call it out.

RULES OF DEBIT AND CREDIT: the rule for debit and credit are simple. all you need to be clear about is the types of a/c, i.e.; personal, real and nominal. and also what these a/c means. once these basics are clear you can easily get the concept what to credit and what to debit, what comes in and what goes out or debit the receiver and credit the giver.

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credit means somthing whic we have parchase from the seller or 3rd party  and we promish that we will pay u in specific peiod of time that is call credit

eg:- purchase goods from ram on creadit  and we promish him to pay  ur ammount at specific period of time

debit means we sale goods to other person on credit and he promish us to pay us on certain period of time ( rewrse of creadit )

eg:- sale of goods to shyam on creadit

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  under, double entry system of books keeping each transaction has two aspects . one aspect is the receiving or incoming aspect. this is also known as the debit aspect .............

another aspect is giving or outgoing aspect. this is also called as the credit aspect...........

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