Question's Short Description
1: Debit is on left side, Credit is on right side 2: Debit increases assets and expenses 3: Credit increases liabilities, capital and income 4: Based on double entry system 5: Total debit must equal total credit
Question's Long Description
1: Debit means increase in assets and expenses, decrease in liabilities and income
2: Credit means increase in liabilities, capital and income, decrease in assets and expenses
3: Every transaction has equal debit and credit as per double entry system
4: Debit is recorded on left side and Credit on right side of ledger
5: It helps to maintain accuracy and balance in books of accounts
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Reviews 0
shruti
2026-07-10 11:24:122: Credit means increase in liabilities, capital and income, decrease in assets and expenses
puja
2026-07-10 11:24:553: Every transaction has equal debit and credit as per double entry system
ruchi
2026-07-10 11:25:284: Debit is recorded on left side and Credit on right side of ledger
ruchita
2026-07-10 11:26:085: It helps to maintain accuracy and balance in books of accounts
kiran
2026-07-10 11:23:261: Debit means increase in assets and expenses, decrease in liabilities and income