transaction must have minimum five parts, like date of transaction, involved accounting head, brief details about the action, amount involved and the final part very important one as either debit or credit classification. These transactions will be preserved as written document and may be named as voucher. In otherwise, voucher must have minimum of two transactions as debit and credit. I am unable to control myself and asked on higher pitch voice "what does it mean by debit, credit " Is there any business rule associated on the term of debit I credit.
He thrown his eyeshot on me as "is it worth to explain further". I lowered my eyes and started exploring something on my palm. He continued, "It is very simple affair sir. Anything goes out of business hall, I treat it as credit type and anything comes inside to the business hall are treated as debit. For example when I buy raw material and paid cash, here goods coming inside the business hence it is debit and cash goes out of business, hence it is credit. One need not know both the debit and credit. Simply, anything goes out is credit and comes in debit and related other accounts are vice versa.