Question

what are the basic rules of accountancy

Answer 1

The principle is used in accounts. similarly when u credit what u goes out , you are reducing the account balance when a tangible assest goes out of the organization .debit all expences and losess , credit all incomes and gains .
the rule is applicable when the account in question is nomonial account

Answer 2

BASIC RULES OF ACCOUNTANCY :

◆ personal accounts rules says debit the receiver, credit the giver.

◆ Real account rules says debit what comes in, credit what goes out.

◆ Nominal account rules says debit all expenses and losses, credit all incomes and gains.