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.

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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

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