Question

Explain three golden rules of accounting with example

Answer 1

Answer:

Golden Rules of Accounting

Debit the receiver, credit the giver.

Debit what comes in, credit what goes out

Debit all expenses and losses and credit all incomes and gains

Explanation:

Goods amounted to Rs. 15000 purchased from Mr. Mohan on Credit

Cash paid to Mr. Mohan for credit purchases

Goods sold to Mr. Rehman for Rs. 20000

Rs. 10000 withdrawn from the bank

The machinery of Rs. 50000 purchased from M/s Bharti Traders and paid Rs. 25000 in cash and remaining to be paid on the future date.

Balance amount of Rs. 25000 to M/s Bharti Traders is paid in full

Machinery is sold to John for Rs. 55000.

Answer 2

Answer:

please mark me brainlest

Explanation:

Debit the receiver and credit the giver. ...

Debit what comes in and credit what goes out. ...

Debit expenses and losses, credit income and gains.