Question

Golden rules of accountacy​

Answer 1

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

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.