Question

Explain the rules of Debit and Credit of recording transactions in the books . . .​

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:

•Debit what comes in, Credit what goes out.

•Debit all expenses and losses, Credit all income and gains.

•Debit the receiver, Credit the giver.