What Is Debit And Credit In The Ledger? What Is The Difference Between A Debit And A Credit
04/08/2021 Financial & Legal Services
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Description
A simple ledger is a record of every single transaction a business makes. Each ledger has accounts and entries that represent these transactions. There are two sections in a simple ledger - a debit side and a credit side. For each transaction, you enter a debit and a credit entry in the ledger. In the end, the balance on both sides should be the same.
Difference between credit and debit entries
The debit and credit entries are made in the 3 main accounts in any business.
Personal - Drawing money for research or paying the staff. The expenses that you incur while running your business.
Real - Your assets like furniture, machines, etc. And your liabilities
Nominal - Your income or revenue. Also any profit or loss you make in your business transaction.
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