Question

what are the golden rules of accounting?

Answer 1

• Debit the receiver and credit the giver. The rule of debiting the receiver and crediting the giver comes into play with personal accounts. ...
• Debit what comes in and credit what goes out. For real accounts, use the second golden rule. ...
• Debit expenses and losses, credit income and gains.

Answer 2

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.

hope it will help you