Debit simply means when someone receive and credit simply means when you give out. In other words we debit the receiver and credit the giver
What Is Meant By Debit And Credit?
A debit is an accounting entry which results in either an increase in assets or a
decrease in liabilities on a company's balance sheet or in someone's bank account. Whereas credit is an accounting entry that either decreases assets or increases
liabilities and equity on the company's balance sheet. A debit entry reduces net income on the income statement while a credit entry increases it.
decrease in liabilities on a company's balance sheet or in someone's bank account. Whereas credit is an accounting entry that either decreases assets or increases
liabilities and equity on the company's balance sheet. A debit entry reduces net income on the income statement while a credit entry increases it.