Think of debit as adding money in, credit is taking money out.
Think of debit as adding money in, credit is taking money out.
Credit is money in.debit is withdrawal of money.
Credit is money in.debit is withdrawal of money.
it says the Bank a/c has an opening debit statement of $5342.Lets ponder what that means for a second.ok nvm i give up.
this is a credit card statement maybe,the balance is the outstanding debt,credit is how much he paid,debit is how much he spent again last month.
Cash at bank A/c DR CR
1-1-11 Balance b/d 5342.50
30-1-11 Cheque payment for purchases,expenses,etc 3265.50
30-1-11 Cash/Cheque received from sales 2514.00
30-1-11 Balance c/d 4591.00
7856.50 7856,50
30-1-11 Balance b/d 4591.00
Note:
DR =Cash/Cheque received from customers and deposited into the bank a/c
CR=Cheque payment from bank a/c to suppliers
Credit is money in.debit is withdrawal of money.
You have the same perception and misconception like I do. Waiting for some custom made clarifications.