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In this lecture, the term "debit memorandum" is defined according to fundamental accounting principles. A debit memorandum is a notification from the issuer that it has debited the recipient's account in the sender's records. It emphasizes that "debit" refers specifically to the left-hand side of a ledger. The key point is that the debit memorandum reflects changes in the sender's records, which may differ from the recipient's records. Understanding this distinction is crucial, as the debit in the sender's records could indicate opposite actions compared to what is recorded by the recipient. Ultimately, "debit" consistently relates to the left side of the ledger.