Question

In Accounting which things are

Debits and Credits Always.
tell me in detail .​

Answer 1

Answer:

according to the golden rules you can find which account should be debited and which account should be credited.

first of all. you must now the classification of accounts.

1.personal account

2.impersonal account

personal account

personal account is classified into three type

1.natural person ---eg: ram, rahim.

2.artificial person- bank, organization, institutions.

3.representative personal account -- prepaid exp,

outstanding exp, capital, bills receivable, bills

payable, sundry debtor,etc

impersonal account

It is classified into two type

1.real account

2.nominal accounts

Real account -purchase, sales,sales return, purchase

return, asset

( such cases purchase and sales is treated as a nominal account because that is 'credit items' means credit purchase and credit sales)

nominal account -all expenses and losses, all incomes

and gains

-----------------------------------

Golden rules of accounting

1.personal account rules

debit - the receiver

credit- the giver

2.real account rules

debit- what comes in?

credit- what goes out?

3.nominal account rules

debit-all expenses and losses

credit- all incomes and gains

Answer 2

Debit vs. credit

Debit vs. creditDebits and credits are equal but opposite entries in your books. If a debit increases an account, you will decrease the opposite account with a credit.

Debit vs. creditDebits and credits are equal but opposite entries in your books. If a debit increases an account, you will decrease the opposite account with a credit.A debit is an entry made on the left side of an account. It either increases an asset or expense account or

Debit and credit accounts

Record credits and debits for each transaction that occurs. You record two or more entries for every transaction. This is considered double-entry bookkeeping.

You will separate your transactions into accounts while doing your bookkeeping. Five common accounts include:

Assets: Resources owned by a business which have economic value you can convert into cash (e.g., land, equipment, cash, vehicles)

Expenses: Costs that occur during business operations (e.g., wages, supplies)

Liabilities: Amounts owed to another person or business (e.g., accounts payable)

Equity: Your assets minus your liabilities

Revenue: Cash earned from sales

Debits and credits affect each account differently. Check out our debits and credits chart below to see how they are affected:

• Happy Learning
• Stay Home Stay Safe