How would you define debit and credit?
I have been studying accounting for the last two to three years and has studied almost all famous books of accounting like shukla and gupta,frankwood,pbp,pac papers etc but has not find a definition of debit and credit.debit credit rules are given in every book but how would you describe to a layman that what is debit and credit.
One of my accounting teacher,not a chartered accountant gave the following definition of debit and credit:
"when we divide a page into two parts,the left side is called debit and the right side is called credit."
I think that above definition is not correct.would some body explain to us the debit/credit definition.