- Rules of debit and credit are as under:
Decrease in asset is credit
Increase in expense is debit
Decrease in expense is credit
Increase in income is credit
Decrease in income is debit
Increase in liability is credit
Decrease in liability is debit
Increase in capital is credit
Decrease in capital is debit
- What are the rules for debit and credit in accounting?
increase in asset is debit & decrease in asset is credit
Credit = Right side of the accounting columns
Liabilities increase with a Credit (as do Owners Equity or Capital accounts)Permalink Reply by
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