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In this lecture, the term "debit memorandum" is defined according to the 22nd edition of fundamental accounting principles. A debit memorandum is a notification from the sender (issuer) indicating that they have debited the recipient's account in their own records. It emphasizes that "debit" refers simply to the amount recorded on the left side of a ledger. Importantly, the debit memorandum pertains to the sender's records and may differ from what the recipient's records indicate. Understanding this distinction is crucial, as it highlights that the debit action could be contrary to the recipient's accounting. The core takeaway is that a debit consistently refers to the left-side amount in accounting records.
