Let us see, the affect on debit and credit, when there is an increase or decrease in assets or liabilities...
From the above picture it can be understood that
Increase in the Assets are debits;decrease in credits.
Increase in liabilities are credits; decrease in debits.
Increase in owner's capital are credits; decrease in debits.
Increase in expense/losses are debits; decrease in credits.
Increase in revenue/income are credits; decrease in debits.
It should be noted that an increase in assets is favorable to the firm, but an increase in expenses is no so, even though, in both cases, the increase will be recorded on the debit side. Similarly, an increase in liabilities is not favorable, but an increase in revenue is, both will be recorded on the credit side.
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