Question

Explain rules of debit and credit under real account

Answer 1

Explanation:

Debits and credits are the opposing sides of an accounting journal entry. ... Rule 1: All accounts that normally contain a debit balance will increase in amount when a debit (left column) is added to them, and reduced when a credit (right column) is added to them.

Answer 2

Answer:

Debits and credits are used in a company's bookkeeping in order for its books to balance. Debits increase asset or expense accounts and decrease liability, revenue or equity accounts. Credits do the reverse.

Opposite to debits, the “credit rule” state that all accounts that normally contain a credit balance will increase in amount when a credit is added to them and reduce when a debit is added to them. The types of accounts to which this rule applies are liabilities, equity, and income.