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  • 16-10-2009 10:00am
    #1
    dhorgan3
    Closed Accounts Posts: 88 ✭✭


    Lads is there any simple formula to remember my debits and credits?

    Please help

    exam coming up

    cheers


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    #2
    maddogcollins
    Registered Users Posts: 998 ✭✭✭maddogcollins


    Dr Bank
    CR Sales

    Dr Expenses
    Cr Bank

    I try to remember it by the D in Debit..Always think we Deposit a sale into the Bank so Debit the bank account and then it flows from that..

    For Balance Sheet

    Creditors/Liability will always be Credit
    Debtors/Assets will always be Debit

    Hope that makes sense!


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    #3
    dhorgan3
    Closed Accounts Posts: 88 ✭✭dhorgan3


    yes it does..

    So basically,

    increase in an asset/expense DR
    Decrease in an asset/expense CR

    Increase in income/liability CR
    Decrease in income/liability DR

    Hope so:)


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    #4
    maddogcollins
    Registered Users Posts: 998 ✭✭✭maddogcollins


    dhorgan3 wrote: »
    yes it does..

    So basically,

    increase in an asset/expense DR
    Decrease in an asset/expense CR

    Increase in income/liability CR
    Decrease in income/liability DR

    Hope so:)


    Yup thats exactly it


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    #5
    dhorgan3
    Closed Accounts Posts: 88 ✭✭dhorgan3


    cheers Maddog


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    #6
    mwalsh7
    Registered Users Posts: 75 ✭✭mwalsh7


    DEBIT..........CREDIT
    ASSET.........LIABILITY
    EXPENSE.....INCOME


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