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Compare credit and debit.
The major differences between credit and debit are as follows −
Credit
It decreases in assets and increases in liabilities.
It indicates the amount withdrawn.
It represents in the right side of T format ledger.
It is recorded as GIVER in a personal account.
It is an amount What Goes Out in real account.
It records all incomes and gains in Nominal account.
Debit
It increases in assets and decreases in liabilities.
It indicates an increase in asset/amount.
It represents the left side of T Format ledger.
It is recorded as RECEIVER in personal account.
It is an amount What Goes In, in real account.
It records all expenses and losses in Nominal account.
Updated on: 25-Jul-2020
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