Question

22. State the RULES of Debit and Credit of:
(i) Liabilities (i) Assets
(iii) Income​

Answer 1

Answer:

The following are the rules of debit and credit which guide the system of accounts, they are known as the Golden Rules of accountancy:

First: Debit what comes in, Credit what goes out.

Second: Debit all expenses and losses, Credit all incomes and gains.

Third: Debit the receiver, Credit the giver.

Answer 2

Answer:

I think it's income..........