Question

state the rules of debit and credit with examples in term of business transactions?​

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.

Answer 2

Answer:

the following are the rules of debit and credit which guide the system of accounts ,they are know as the golden rules of accountancy :

first: debit qhats come in ,credit was goes out.

second: debit all expenses and losses ,credit all income and grains .

third: debit the reciever,credit the giver.