Difference Between Credit And Debit Transactions In Accounting
According to the Rules of Debit And Credit , in a Business Transaction , there is always both Debit and Credit Accounts involved when it occurred and these Types of Accounts are written either on the Debit Side / Left Side or Credit Side / Right Side of an Account . Those accounts which are debited in the Transactions are Debit Accounts and from point of a business and such transactions are known as Debit Transactions while from the point view of other business, it is a Credit Transaction. So, such transaction is known as Credit Transaction for the other business . Credit Transactions are recorded on the Right Side or Credit Side of Credit Accounts. You Can Also Read Out, “ What is the Difference Between Debit And Credit ” Let’s us consider an example in order to understand the above point. For Example, Mr. A Purchases Goods Worth Rs. 5000 from his supplier (Mr. B) for goods supplied to him, then, here from the point view of our Mr. A’s busi...