What is the goold and rules of accounts

Question

Accepted Answer

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

There are three golden rules of accounting: Debit the receiver, Credit the giver, Debit what comes in, Credit what goes out, and Debit all expenses and losses, Credit all incomes and gains.
These rules ensure that every transaction is recorded accurately and consistently.
For example, if a company receives cash from a customer, the cash account is debited (increased) and the accounts receivable account is credited (decreased).
Similarly, if a company pays for rent, the rent expense account is debited (increased) and the cash account is credited (decreased).

Accepted Answer

Three types of golden rule (1) Real account:- debit whats come in and credit what's goes out (2) Personal account:- Debit in the giver and Credit are the receiver (3) Nominal account:- all expenses and losse account debit and all income and gain account are credit

Accepted Answer

DR. what comes IN ,CR. what goes out

DR. the receiver , CR. the giver

DR. all exp. & losses , CR. all income & gains

What is the goold and rules of accounts

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