Question

Give the golden rules of double entry accounting system??






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Answer 1

Answer:

The Golden Rule of Accounting Governs Double-Entry Bookkeeping. Where credits and debits are placed on the accounting file stems from one of the golden rules of accounting, which is: assets = liabilities + equity...!

Answer 2

Answer:

To apply these rules one must first ascertain the type of account and then apply these rules

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1) Debit what comes in, Credit what goes out.

2) Debit the receiver, Credit the giver.

3) Debit all expenses Credit all income.

Explanation:

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