What is Debit and Credit? Please answer this question with examples.a detailed answer please

In accounting debit (Dr.) and credit (Cr.) are the two
different types of impact any accounting transaction has in book of account. This is
sometimes referred as dual concept of accounting system. As per the double entry
accounting system, any transaction is reflected in the accounts in two entries that are
equal and opposite and affect two different accounts. Thus any transaction will result
in crediting one account by the amount involved in the transaction. At the same time
another account will be debited by an equal amount.

Debit
in accounting system refers to reduction in the amount that is owed by others to an
account, or an increase in the amount owed by the account to others. Credit, which is
the opposite of debit, refers to increase in the amount owed by others to an account, or
an decrease in the amount owed by the account to
others.

Let us take the example of a personal bank amount.
When some money is deposited in your bank account, the amount of money that is owes to
you increases. Therefore your bank account gets credited. At the same time the total
amount of money the bank owes to other also increases. Therefore the bank's account will
get debited.

This additional amount owed by bank is
represented within the bank by increase in the cash. Thus among the various sub
classification of bank accounts, it is the bank's cash account that will get credited.
It is important to note that, a physical increase in cash available in the bank is
recorded accounts by a crediting the cash account.

Also,
please not that when you buy things using your credit card, you are actually being
debited by the amount of purchases made on credit. This debit is reflected in your
credit card account, which is different from your bank account. The corresponding credit
goes to the seller's account. When you make payment by cheque for the amount of credit
availed by you against the credit card, your credit card account gets credited and the
bank account gets debited.

In contrast, when you make
purchases using your debit card, your bank accounts gets debited immediately, and
simultaneously the seller's account gets credited.