Question

Rules of debit and credit

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.

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Answer 2

Debit what comes in, Credit what goes out.

Debit the receiver, Credit the giver.

Debit all expenses Credit all income