Question

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What are the golden rules of debit and credit?

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Answer 1

hey mate,
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. (real)
Second: Debit all expenses and losses, Credit all incomes and gains. (Nominal)
Third: Debit the receiver, Credit the giver.(Personal)
hope it helps

Answer 2

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