Credit debit form is issued to record the two important aspects of every financial transaction in the double-entry bookkeeping system handled within any institution. Here every debit transaction needs to have a credit transaction and vice versa. Debits and credits are a ways used in book keeping to record any financial transaction. In order to understand how the form is to be handled, one must be well acquainted with the system of debit and credit as well as aspects relevant in financial accounting.
In order to determine debit or credit of a particular account some use the new accounting equation which makes it simpler to handle. It is important that the form is created as per the requirements of a particular institution. The credit debit form is required for ensuring that financial transactions are all in order and there are no discrepancies in terms of excess credit or debit.
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Credit Debit Form
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