In accounting, the terms — debit and credit indicate whether the transactions are to be recorded on the left-hand side or right-hand side of the account. In its simplest form, an account looks like the letter T. Because of its shape, this simple form called a T-account.
T format has a left side and a right side for recording increases and decreases in the item.
In a T account, the left side is called debit (often abbreviated as Dr.) and the right side is known as a credit (often abbreviated as Cr.).
Must read Debit and Credit Rules – https://commerceachiever.com/rules-of-debit-and-credit/
Tag:11accounts, 11commerce, 11economics, 11thcommerce, 12accounts, 12commerce, 12economics, 12thCommerce, BComAccounts, BESTCOMMERCEANDACCOUNTANCYPLATFORM, CAFinalAccounts, CAfoundation, CAfoundationAccounts, CAfoundationEconomics, CAfoundationLaw, CAHARSHITA, CAInterAccounts, commerceachiever, commerceoptional, Economics, economicsclass12, Equity Theory, gLOSSARY OF hrm, GST, HR Glossary, Human Resource Accounting, incometax, mba hr, mba hr notes, MComAccounts, NCERT, ncertcommerce, t accounts, tax, UGCNETCommerceOptional, UPSC COMMERCE OPTIONAL BOOKS, UPSC Commerce Optional Material, UPSC COMMERCE OPTIONAL PDF, UPSC Commerce OPtional Previous Year Paper Solution, UPSC Commerce Optional Previous Year Papers, UPSCcommerceOptional, UPSCoptional