Question

what are the golden rules of accountancy about debit and credit ??what r the rules of recognition of nature of any account type so as to solve questions related to journal entry???pls help guys!!!

Answer 1

3 GOLDEN RULES

PERSONAL - DEBIT THE RECEIVER CREDIT THE GIVER
eg - When business receives any sum it is debited and vice versa

REAL - DEBIT WHAT COMES IN CREDIT WHAT GOES OUT
eg - When you buy a table - table comes in to business and cash goes out from your business

NOMINAL - DEBIT ALL EXPENSES AND LOSSES AND CREDIT ALL INCOMES AND GAINS
eg - When you pay Conveyance fee it is debited or when you receive any fee it is credited