{"id":25506619,"date":"2022-02-03T10:00:30","date_gmt":"2022-02-03T04:30:30","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=25506619"},"modified":"2022-02-02T20:57:53","modified_gmt":"2022-02-02T15:27:53","slug":"debit-and-credit","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/debit-and-credit\/","title":{"rendered":"Debit and Credit: All You Need to Know"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d3a082771a4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d3a082771a4\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entri.app\/blog\/debit-and-credit\/#Usage_of_Debit_and_Credit\" >Usage of Debit and Credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entri.app\/blog\/debit-and-credit\/#Debit_and_Credit_Accounts\" >Debit and Credit Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/entri.app\/blog\/debit-and-credit\/#Example_of_Debit_and_Credit\" >Example of Debit and Credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/entri.app\/blog\/debit-and-credit\/#Key_Points_to_remember\" >Key Points to remember<\/a><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">Debit and Credit are two terms which is used when business transactions are recorded in financial statements. Business transactions are evens which have a monetary impact and are the essential part of a firm in its day-to-day operations. A firm will record all these monetary transactions in two columns viz debit and credit. In general terms we say Debit is what comes in and Credit is what goes out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The term debit is derived from Latin word <\/span><b>debitum (What is due)<\/b><span style=\"font-weight: 400;\"> and credit derived from Latin word <\/span><b>creditum (something entrusted to another or a loan). <\/b><span style=\"font-weight: 400;\">Debit is an accounting entry that either increases an asset or decreases a liability. <\/span><span style=\"font-weight: 400;\">On the other hand, credit is an accounting entry which either increases a liability or decreases an asset.<\/span><\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/entri.sng.link\/Bcofz\/od54\/6blp\" target=\"_blank\" rel=\"noopener\">Get the complete bank exam notes here<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Usage_of_Debit_and_Credit\"><\/span><strong>Usage of Debit and Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Debits and credits are used to analyse the incoming and outgoing cash in a business account. In simple terms, a debit is cash going out of the account, and a credit is cash coming in. Most of the businesses use a double-entry book-keeping system for accounts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a Business Transaction there has to be minimum of two accounts. One is debit and other is credit. For example, if we buy a furniture the cash goes out and an asset comes in. So, the statement will be Cash a\/c Debited, Furniture a\/c credited. Debit and credit are used in Journal and Ledger entries, which are the basic financial statements pave way to the creation of final accounts.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Debit_and_Credit_Accounts\"><\/span><strong>Debit and Credit Accounts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There is double entry book keeping for every transaction. i.e., two accounts are reflected for every transaction. One is debit and the other is debit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to bookkeeping as we said earlier there are minimum two accounts. We also separate all transactions to each account i.e., Cash transaction are recorded under cash a\/c, Assets in Assets a\/c etc. For that we use 5 common accounts. They are:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 <\/span> <span style=\"font-weight: 400;\">Assets: These are resources owned by the firm which can be converted into cash. (Land, Vehicle, Furniture etc.)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 <\/span> <span style=\"font-weight: 400;\">Expenses: These are the costs that occur during business transactions<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 <\/span> <span style=\"font-weight: 400;\">Liabilities: These are cash owed to another person or firm.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 <\/span> <span style=\"font-weight: 400;\">Equity: Assets \u2013 Liability<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 <\/span> <span style=\"font-weight: 400;\">Revenue: Cash earned from sale<\/span><\/li>\n<\/ul>\n<h3><strong>Debit and Credit Chart<\/strong><\/h3>\n<table>\n<tbody>\n<tr>\n<td><strong>Account<\/strong><\/td>\n<td><strong>Debit<\/strong><\/td>\n<td><strong>Credit<\/strong><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Asset<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Increase<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Decrease<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Expense<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Increase<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Decrease<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Liability<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Decrease<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Increase<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Equity<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Decrease<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Increase<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Revenue<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Decrease<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Increase<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Let us see a basic format of a Journal Entry<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Account<\/strong><\/td>\n<td><strong>Debit<\/strong><\/td>\n<td><strong>Credit<\/strong><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">XX\/XX\/XXX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A\/C 1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span> <span style=\"font-weight: 400;\">X<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A\/C 2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span> <span style=\"font-weight: 400;\">X<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/entri.sng.link\/Bcofz\/od54\/6blp\" target=\"_blank\" rel=\"noopener\">Attempt a mock test for bank exam<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Example_of_Debit_and_Credit\"><\/span><strong>Example of Debit and Credit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To understand it better let us see some examples, <\/span><span style=\"font-weight: 400;\">If a company sells a product of Rs.500 to customer in cash, the revenue account will increase 500 Rs and the entry will be Cash a\/c debited and Revenue a\/c credited.<\/span><\/p>\n<p><strong>Some other examples:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Starting business with cash \u2013 Cash Debit, Capital Credit<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Sell product on credit \u2013 Accounts Receivable debit, Revenue Credit<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Sale for cash \u2013 Cash Debit, Revenue Credit<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Take a loan \u2013 Cash Debit, Loans Payable Credit<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Key_Points_to_remember\"><\/span><strong>Key Points to remember<br \/>\n<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><strong>Debit<\/strong><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Debit Increases as Credit Decreases<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Record on the left side of the Journal<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Debits increases assets and Expense accounts<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Debits decreases liability, equity and Revenue accounts<\/span><\/li>\n<\/ul>\n<h3><strong>Credit<\/strong><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Credits increases as Debit increases<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Record on the left side of the journal<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Credits Increases Liability, Equity and Revenue accounts<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 \u00a0 <\/span><span style=\"font-weight: 400;\">Credit decreases Assets and Expense accounts<\/span><\/li>\n<\/ul>\n<p>The above points will make you understand about Debit and Credit. These are bookkeeping entries that balance each other out. Every transaction consists of two items of the same value. Exchange of these items can be considered as a transaction. Debits add a positive number and Credit adds a negative number (Negative number is not used in actual journal entry). Debit can be seen in the left side of the journal and Credit can be seen in right side of the journal.<\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/entri.sng.link\/Bcofz\/od54\/6blp\" target=\"_blank\" rel=\"noopener\">Get the latest bank exam notes here<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Debit and Credit are two terms which is used when business transactions are recorded in financial statements. Business transactions are evens which have a monetary impact and are the essential part of a firm in its day-to-day operations. A firm will record all these monetary transactions in two columns viz debit and credit. In general [&hellip;]<\/p>\n","protected":false},"author":91,"featured_media":25506620,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,246,1863],"tags":[],"class_list":["post-25506619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-banking","category-banking-notes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debit and Credit: All You Need to Know - Entri Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entri.app\/blog\/debit-and-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debit and Credit: All You Need to Know - Entri Blog\" \/>\n<meta property=\"og:description\" content=\"Debit and Credit are two terms which is used when business transactions are recorded in financial statements. 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