What is the meaning of debit and credit in commerce?
139 Views|1 Followers|Posted 9 years ago
Asked by Saurav Bisht
1 Answer

Answered by
9 years ago
There are 3 types of accounts:
1. Nominal
2. Personal
3. Real
While debit in nominal means all expenses which you incurred, while in personal a/c what you receive as receiver and in real whatever comes to you like building, machinery, etc.
Now credit is what you gain in nominal a/c, in personal a
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