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DEBIT definition: 1. (a record of) money taken out of a bank account: 2. to take money out of an account or keep a…. Learn more. Dive into the world of debit and credit in banking and accounting. Learn what these terms mean, how they affect transactions, and their historical significance.... What is Debit ? Debit is a concept in accounting that represents an aspect (side) of a transaction, and it is always equal to credit as both are based on the accounting equation ( debit = credit / asset = capital + liability). The word Dr. is also used to represent debit , and it is the short form of debit . While recording the transactions in the books the account which is debited is recorded on the left-hand side. Which side of the transaction will be debited is determined by accounting rules ... A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is on the left in the entry.
