Golden rules of accounting

Question

Accepted Answer

The golden rules of accounting are basic principles that guide the recording of financial transactions.

The first golden rule is the Personal Account rule, which states that all personal accounts are debited for the receiver and credited for the giver.
The second golden rule is the Real Account rule, which states that all real accounts are debited for what comes in and credited for what goes out.
The third golden rule is the Nominal Account rule, which states that all nominal accounts are debited for expenses and losses and credited for incomes and gains.

Accepted Answer

There are 3 types of accounting... real,personal and nominal. Real account has debit what comes in credit what goes out. This rule is applicable to all the assets of the company like cash, p&m, l&b etc, personal account has debit the receiver credit the giver. This rule is applicable to persons, alternative persons & representative person like our names, debtors, creditors etc, and last one is nominal account has debit all expenses and loss credit all incomes and gains. This rule is applicable for all expenses, losses, income and gain like salary, wages,purchase, sales etc.

Accepted Answer

Debot the receiver credit the giver

Accepted Answer

Debit the receiver,credit the giver

Accepted Answer

Debit credit and balance sheet in all tally submit of accounting

Accepted Answer

Debit what comes in, Credit what goes out.
Debit the receiver, Credit the giver
Debit all expenses Credit all income.

Golden rules of accounting

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