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What is the concept behind debit and credit ???
And how we can debit and credit any account when making entry ???

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May 24 at 8:57:59
Abdul
Abdul
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There are 5 elements in Accounting system and the whole accounting system revolving around these elements.the elements and there natures are

1.Asset (debit)
2.expense (debit)
3.liability (Credit)
4.income / Revenue (credit)
5.capital / equity (credit)

After understanding these elements with the debit & credit nature you have to keep in mind that

1 )When debit increases means asset or expense increses it will always be debit &

When credit increases means liability, income or capital increases it will always be credit.

2)when debit decreases means asset or expense decreases it will always be credit &

When credit decreases means liability, income or capital decreases it will always be debit

So it means that

In case of increase, debit and credit will be same debit and credit while

In case of decrease debit will be credit & credit will be debit.
May 22 at 22:41:8
Muhammadbilal
Muhammadbilal
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