Teaching Debit and Credit to Russian Speakers

Recently, I met a  friend  in West Bengal. He is Russian. He is very spiritual. We talked sometime. I found that he is guitar player and teacher. I told him that I am online accounting teacher. My duty is to teach accounting and finance online. Because he was Russian Speaker, he could not understand my work. Yes, he was perfect in English. So, I told that I teach the system of recording any business transaction by telling the rules of Debit and Credit. After telling this, he told that when he was learning economics, he learned Debit and Credit side of account.

I said to him, “You are right.” He was interested to learn Debit and Credit more deeply from me. He prayed God by saying “Hare Krishna” . I said to him, “Debit and Credit is just like Hare Krishna.” Use of Debit and credit is same in accounting like use of Hare Krishna in Hinduism Religion. By saying hare Krishna, we follow the rule of bhakti yoga. So, more we will the hare Krishna, more will go near our God and get his love. In accounting, we have to follow the rule of Debit and Credit. More, we will know the deepness of debit and credit, more, we will become perfect to record any business transaction. Debit and credit is hare Krishna for an accounting professional.

Teaching Debit and Credit to Russian Speakers : Main Rules 

1. Increase in any asset will Debit. Decrease in Asset will Credit. 

Example : I give him a very simple example of mobile $ 1000. If a businessman who buys the mobile. It will become his asset. It is also increase in his total assets. So, Mobile Account will Debit. Cash is also our asset. It decreases. So, it will be credit because after payment our total asset will decrease.

Mobile Account Debit $ 1000

Cash Account Credit $ 1000

2. Decrease in the Liabilities will Debit Increase in the Liabilities will Credit

Example : Your friend Mical paid your $ 10,000 loan which you have taken from James. You did contract that you will pay to your friend after one year. In this transaction, your one liability decreases and other liability increases.

James's  Loan Account Debit $ 10,000

Mical's Loan Account Credit $ 10,000

3. Increase in any Asset will Debit. Increase in any Liability will Credit 

Example : Your friend Mical gave you the loan of $ 20,000. In this case, your cash increases. It means your total asset will increase. Your loan liability is also increasing.

Cash Account Debit $ 20,000

Mical's Loan Account Credit $ 20,000

4. Decrease in Any Liability will Debit. Decrease in any Asset will Credit.

Example : We repaid the loan  $ 20,000 to our friend Mical. In this case, both our cash asset and mical's loan liability will decrease.

Mical's Loan Account Debit $ 20,000

Cash Account Credit $ 20,000

5. All the Expenses and Losses will Debit. Decrease in Asset will Credit 

Example : We have paid lighting bill of $ 2000

Lighting Expenses Debit $ 2000

Cash Account Credit $ 2000

6. All the Expenses and Losses will Debit. Increase in liability will Credit 

Example : Light bill $ 3000 is due but we did not pay.

Lighting Expenses Account Debit $ 3000

Outstanding Lighting Expenses Account or Lighting Expenses payable to Service Provider Account Credit $ 3000

7. Increase in Asset will Debit. All the incomes and Gain will Credit. 

Example : We have  $ 4000 for providing coaching service.

Cash Account  Debit $ 4000

Coaching Fees Income Credit $ 4000

Related :  Basic Debit and Credit Concepts 


Comments on this Website: 1

Subscribe Accounting Education by Email

Meet Your Teacher

Vinod Kumar Prof. Vinod Kumar has received the post graduate degree in Commerce from ... read more »


access account accountant Accounting accounting definitions accounting ebook Accounting education accounting procedure accounting process outsourcing Accounting Software advance advertising africa Amalgamation amendments announcements Annuity assets audit auditing Australia B.Com. balance sheet bank Bank reconciliation banking basic accounting BBA benefits best bill black money blog bloggers book keeping bookkeeping Branch Accounting - full tutorial budget Budget variance business businessman CA calculator canada capital capital budgeting career cash cash book cash flow statement Chiense children china class coaching coins college commerce commerce students company computer computer accounting conference Contact vinod kumar corporate accounting cost cost accounting cost center cost centre CPA credit credit card cs currency data Debit and credit debit cards debt debtor degree depletion depreciation Diwali Messages documents dollar domain Downloads Dubai e-accounting earning education Education Loans email employee EPF ERP euromoney examination excel excise duty expenses facebook factor of loan fans feature fifo FII fiji finacle finance Financial financial accounting fire insurance flickr flow forensic forex formula france fraud free fun function fund GAAP GDP gdr germany gold goodwill goodwill accounting google google apps google apps google base google buzz google calendar Google docs google finance google fusion tables google talk govt. GST guide health Hindi Hindi Language history holding company How to treat FBT in Tally 9 HRA ICAI ICAWI ICICI Bank IFRS income income statement Income Tax India indian railway Indonesia inflation inflation accounting infographics information inspiration insurance insurance accounting interest international Internet Introduction of Tally 9 inventory investment invoice IT Japan Job costing journal entries Kalculate keyboard kindle kuwait laptop law LBT learning lease lecture ledger leducation Leverage Analysis liabilities lifo linkedin loan logical point loss loss of profit M.Com. m.phil malaysia management accounting manual accounting manufacturing account market marketing mastercard material MBA MCA media migration mobile money ms word ms. excel multi currency in tally 9 Multicurrency Accounting mutual fund national security new and sacrifice ratio new york times new zealand news NGO nonprofit-accounting North Georgia Mountains NPV NSE odbc office oman online application online accounting otcei pakistan parents pay pal pdf pie chart pie chart of income pnb podcast ppf presentation price privacy policy prize money prof. vinod kumar profit profit and loss account project management provision purchase puzzles quickbooks Quote quotes quotes of svtuition rating agency ratio analysis RBI readers real estate rectification of errors remote control reports reserves responsibility accounting retirement revenue Revenue reserves review risk rupees salary sale saudi arabia saving sbi scholarship school SEBI security service tax share share trading Shares shri lanka singapore sms social accounting society solution South Africa stock stock exchange structure student students study subsidiary company svtuition swiss bank tally tally 9 Tally 7.2 Tally 9 Tally.ERP 9 tanzania tax Tax Accounting TDS teacher teaching technology test testimonial testimonials thailand tips trading trading on equity transaction trend trial balance tuition twitter UAE UGC - NET Commerce UK United Arab Emirates university usa valuation VAT Video Voucher and vouching wikipedia working capital youtube
Accounting Education: Teaching Debit and Credit to Russian Speakers
Teaching Debit and Credit to Russian Speakers
Accounting Education
Not found any lecture VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES Lectures View All RECOMMENDED FOR YOU Category ARCHIVE SEARCH ALL Lectures Not found any lecture match with your request, please help to write it and send it to our email at vinod@svtuition.org for making this website free accounting and finance encyclopedia. Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock