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what are the golden rules of accounting?
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Answer / girishgowdakm
Personal: Debit the receiver
Credit the Giver
Real : Debit what comes in
: Credit what goes out
Nominal : Debit all expenses and losses
: Credit all income and gains
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Answer / jagadeep biswal
personal Accounts: Debit the Receiver
credit the Giver
Real Accounts :Debit What comes in
:Credit What goes out
Nominal Accounts :Debit Expenses and Losses
:Credit Incomes and Gains
This is also known as RULES OF DOUBLE ENTRY
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account are three types
1. Personal A/c - Firm,name,Company,person.
DR- The Reciver
CR- The Giver
2. Real A/c- Cach a/c,Bank a/c,
DR- What comes IN
CR-What goes OUT
3. Nominal A/c Interest,Penalty,Copyright.wil
DR - All losses
CR- All Gains
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Answer / pradeep
Personal A/c : Debit all receible
: Credit All Payable
Real a/c Whats ever comes is Dr.
what ever is goes is Cr.
Nominal A/c Dr. All typs of Expenses
Cr. All typs of Income
this is also call the golden rule of Accounting.
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