The Local Accounts Department Service Leatherhead and Kingston

What is a debit or credit?

You may have heard of the term ‘double entry accounting.’ Each financial transaction has 2 sides, a debit and a credit. Each debit must have a corresponding credit in order to maintain a balance. Traditionally debits are accounted for on the left and credits on the right

DEBIT (Dr) CREDIT (Cr)

Asset Liability

Expense / Overhead Revenue / Income

Owner’s drawings Owner’s capital account

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