Question

Rules of debit and credit​

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

Explanation:

credit - means when we can much more before thinking how many amount we have in our bank

but, we have to pay to bank that amount within the month..

debit means what ever amount we have in our account. when have to do work of money related within that amount..