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07/10/2013
Debit and Credit:
• Debit and Credit are two Latin words and as such it is difficult to say what do these mean.
• But we can develop an understanding as to what does these terms stand for.
DEBIT:
• It signifies the receiving of benefit. In simple words it is the left hand side.
CREDIT:
• It signifies the providing of a benefit. In simple words it is the right hand side.
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