Question

what is golden rule in accountancy?

Answer 1

Personal accounts --> Debit the benefit receiver, credit the benefit giver. Real accounts --> Debit what comes in, credit what goes out. Nominal Accounts --> Debit all expenses and losses, credit all incomes and gains.

Answer 2

What comes in Dr
What goes out Cr
Nominal A/c Dr
Expenses and losses Credit
All incomes and gains. Personal: Debit the receiver and credit the giver.