Tell me about accounting golden rules?

Question

Accepted Answer

Accounting golden rules are fundamental principles that guide the recording of financial transactions.

The first golden rule is the Debit and Credit rule, which states that for every transaction, there must be at least two accounts involved, with one account debited and another account credited.
The second golden rule is the Real Account rule, which states that real accounts (assets, liabilities, and equity) are debited for what comes in and credited for what goes out.
The third golden rule is the Nominal Account rule, which states that nominal accounts (revenues, expenses, and gains/losses) are debited for all expenses and losses and credited for all incomes and gains.
These golden rules ensure that the accounting equation (Assets = Liabilities + Equity) remains balanced.
For example, if a company purchases inventory for cash, the inventory account (real account) is debited, and the cash account (real account) is credited.

Accepted Answer

Real account :
1. Debit was comes in 
2.Credit was goes out 
Personal account :
1. Debit the receiver 
2.Credit the giver 
Nominal account :
1.Debit all expenses and losses 
2.Credit all incomes and gains

Tell me about accounting golden rules?

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