[mzj30]

Why don't the formal financial statements contain debit or credit column?

[KongTheKonqueror]

Because they are a summary of the balances in the accounts. All the debits and credits in an account are totaled to calculate the value to be put on the financial statements.

[CaptainForest]

Because it will make the statements look weird.

To understand a financial statement, you need to know what the normal balances are of accounts.

Assets are debits with a few exceptions.

Liabilities and Equity are credits with a few exceptions.

Revenues – credits
Expenses - debits

That is, when you look at cash, 700, you should know that is a debit balance. If it was in fact a credit balance, it would read, (700), so therefore, you could recognize it as a credit balance.