Expain the terms:-
1. Debit
2. Credit

Debit what comes in , Credit what goes out - As per REAL ACCOUNT
Debit all expenses and losses , Credit all incomes or gain - As per NOMINAL ACCOUNT
Debit the receiver , Credit the giver - As per PERSONAL ACCOUNT
Hope it helped you !!

In the firm's view Debit is a payment and credit is a receipt. For example- purchases are debit because we are paying for buying goods and sales are credit because we are receiving money.