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In this lecture, the term "debit memorandum" is defined according to fundamental accounting principles. A debit memorandum is a notification issued by the sender indicating that they have debited the recipient's account in their own records. It's essential to understand that "debit" refers to the amount on the left-hand side of a ledger. The focus is on the sender's records, not the recipient's, which means that the debit action may appear to contradict what the recipient's records reflect. Understanding this distinction is crucial for grasping the concept of debit in the context of a debit memorandum.