Question

golden rule in accountancy​

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: 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.

Answer 2

Answer:

The Golden Rules of Accounting:

• Debit The Receiver, Credit The Giver. This principle is used in the case of personal accounts. ...
• Debit What Comes In, Credit What Goes Out. This principle is applied in case of real accounts. ...
• Debit All Expenses And Losses, Credit All Incomes And Gains.

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