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Golden rules of accounting
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Answer Posted / jaydeep
REAL ACCOUNTS: DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT EG:CASH
IF YOU GIVE CASH IT IS CREDITED(TO SIDE)
IF YOU GAIN CASH IT OS DEBITED (BY SIDE)
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NOMINAL ACCOUNTS: DEBIT ALL EXPENSES AND LOSSES EG:SALARY
CREDIT ALL INCOMES AND REVENUES
IF YOU PAY SALARY IT IS DEBITED(BY SIDE)
IF YOU RECIEVE SALARY IT IS CREDITED(TO SIDE)
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PERSONAL ACCOUNTS: DEBIT THE RECEIVER
CREDIT THE GIVER
EG:RAM GIVES 1000 RS TO SHYAM:
SHYAM A/C DEBIT
TO RAM A/C CREDIT
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