A debit is a transaction in which a bank withdraws money against an account holder’s assets or liability on their balance sheet. A debit occurs when money goes out of the bank, either as cash and coins or as cheques or direct debits that are drawn upon it. A debit can refer to any of the following:
In accounting, when a debit is posted to an account on the left side of its ledger, a credit is posted on the right side of its ledger. We can denote debit by (DR).