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Personal accounts: Debit the Receiver = Credit the Giver.
Real and property Accounts.: Debit what comes in = Credit what goes out. Nominal accounts : Debit all expenses/losses = Credit all incomes and gains ============================================================== If you invite someone for your marriage and he did not turn up. So you cannot sue him in the court. But a business transaction is not like this. If he comes into your shop, you offer to sell him a shirt for the consideration of ?-Rs. 500/- he accepts to buy that shirt. Offer+ acceptance = Agreement. Agreement enforceable at law is a contract. He buys the shirt and he pays Rs. 500/- and settles his bill. You sell the shirt and you receive Rs. 500 in place of the shirt. So this is a business transaction. Every business transaction has two-fold aspect. One Receiving and the other Giving. One Benefiting and the other losing. Let us take a transaction. Ram buys a shirt for cash. Cash is a real and property accounts. Shirt is also a r&p account. The Rule in r&p account is Dr. what comes in and Cr. what goes out. So we debit cash and credit goo ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Let the whole world live in peace and prosperity.
Let all the leaders of the nations allow all the people to be healthy,happy and peaceful. .Let the members of the Parliament and legislative assemblies go in the right direction and not quarrel among themselves and misdirect all the nationals. . Let everyone be patriotic ,do and say what is good for the whole country. Let not rich make the poor more poor . let all the chief ministers join hands and try to learn and work for the common benefit of all Indians and show the world that we can co-exist.
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