How to treat debit side and credit side in a journal preparation?
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USE THE FOLLOWING GOLDEN RULE TO TEART DEBIT AND CREDIT IN JOURNAL PREPARATION
PERSONAL DEBIT THE RECEIVER
PERSONAL CREDIT THE GIVER
REAL DEBIT WHAT COMES IN
REAL CREDIT WHAT GOES OUT
NOMINAL DEBIT ALL EXPENSES AND LOSSES
NOMINAL CREDIT ALL INCOMES AND GAINS
PERSONAL DEBIT THE RECEIVER
PERSONAL CREDIT THE GIVER
REAL DEBIT WHAT COMES IN
REAL CREDIT WHAT GOES OUT
NOMINAL DEBIT ALL EXPENSES AND LOSSES
NOMINAL CREDIT ALL INCOMES AND GAINS
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