What is Debit And Credit in Accounting

Somebody asked a basic question in Tally. In fact it is question in financial accounting. What is debit or credit in Tally? In accounting practice a single transaction is done by making two entries. One party is giving the amount and another is receiving. 
The giver's account is credited and receiver's account is debited.

The basic rule is Debit the receiver and credit the giver, debit what comes in and credit what goes out. 

For example if a customers buy goods/service and paying his bill. His account will be credited and cash / bank account will be debited. 

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