[rahimnathwani]

  'Debit' only means 'the left hand side', and 'credit' only means 'the right hand side'.

Not only, and not even! The terms debit and credit have meaning independent of their columnar position on a traditional ledger. I could create a ledger with the columns reverse or (shocking!) use a computer program with a data structure that doesn't encode the concept of left or right.

I think about it like this:

  CR / Credit / Creditors -> what the business owes
  DR / Debit / Debtors -> what the business owns

https://www.encona.com/posts/debits-and-credits