India Credit & Debt

[ALearner]

I have a personal account book and I need to enter the following transactions in two fields (The fields are: Credit Ac & Debt Ac). So, please let me know the correct field to enter the data.

1) The cash I paid back which I borrowed from some person as a loan [Will it be in a Credit Ac? or Debit Ac?]
2) The cash I loaned to some person [Will it be in a Credit Ac? or Debit Ac?]

Thanks.

 

[Fidget]

Always debit the account that receives.
Always credit the account that gives.

So, you're going to have two entries for each of your scenarios - a debit to one account and a credit to another. So just apply what I've said above and you won't go far wrong.