If there is something that runs the world of accounting, it is the rules debit and credit. Without these rules, the world of accounting would be a haphazard mess. It is important that the accounts should be maintained properly on these rules, in order to ensure the accuracy of results displayed by such books of accounts. Let us study what a debit and credit are and how it works in accounts.
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The net effect of these accounting entries is the same in terms of quantity. However, by debiting and crediting two different accounts, the correct and apt accounting treatment can be depicted. In a ledger account, usually the debit column is on the left and the credit column is on the right.
Whenever an accounting transaction happens, a minimum of two accounts is always impacted, with a debit entry being recorded against one account and a credit entry being recorded against another account. There is no upper limit to the number of accounts involved in a transaction but the minimum cannot be less than two accounts.
The totals of the debits and credits for any transaction must always equal each other so that an accounting transaction is always said to be in balance. Thus, the use of debits and credits in a two column transaction recording format is the most essential of all controls over accounting accuracy. This is how debit and credit find their use.
The following are the rules of debit and credit which guide the system of accounts, they are known as the Golden Rules of accountancy:
A debit and credit entry have a broad impact on different accounts. For example, in
Cash A/c – Dr.
Inventory A/c – Dr.
Loan payable A/c – Dr.
