Question

What are the golden rule of accounting

Answer 1

1. Debit what comes in , credit what goes out.

2. Debit the receiver, credit the giver.

3. debit all expenses and loses, credit all earnings and profits

Answer 2

Hello..

The golden rule of accounting..

1) Personal A/c - Debit the receiver , credit the giver.

2) Real A/c - What comes in debit,what goes out credit.

3) Nominal A/c - All expenses and losses are debited , all income and gains are credited.

hope it helps..