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

• The first golden rule is the rule of debit and credit.

• The second golden rule is the rule of asset...read more

Personal Accounts Debit: The Receiver and Credit: The Giver Real Account Debit: What Comes In and Credit: What Goes Out Nominal Account Debit: The expenses and Losses and credit: Income and Gain

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Real Account. Debit what into the business Credit what goes out from the business Personal account Debit the receiver Credit the giver Normal account Debit the expense or loss of the business Credit t...read more

Credit what come seen, debit what goes out!