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A common saying in New Zealand, meaning 'we're even', or 'we're okay'. Alguds is mostly used when one person wrongs another.
Scenario 1

"Oh G, I got sumthin to tell you"
"What be it cunt?"
"Bro I fucked your sister last night"

Scenario 2
"Yo fuck yo cunt, what be my nigga?"
"Nuffin much cuz, just raxed this faggot's phone, stupid fuck left it on a fuckin bench"
"Ow that's my phone cunt!"
"Fuck you bitch, its mine now cunt"
by Just another white guy... November 22, 2013
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