Question

Explain the golden rules of debit and credit (personal A/c,realA/c, Nominal A/c )
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Answer 1

Answer:

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Explanation:

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.

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