explain in brief the golden rules of accounts or acounting ?
2 Answer(s)
vikesh
Nov 02 2016 08:55 PM
Type | Debit | Credit |
---|---|---|
Personal | The receiver | The giver |
Real | What comes in | What goes out |
Nominal | All expenses and losses | All income and gains (profits) |
SWAMINATHAN
Nov 29 2016 06:19 PM
THE THREE PRINCIPLE GOLDEN RULES OF ACCOUNTING ARE:
1.FOR PERSONAL ACCOUNTS--->DEBIT THE RECEIVER, CREDIT THE GIVER.
2.FOR REAL ACCOUNTS----------->DEBIT WHAT COMES IN, CREDIT WHAT GOES OUT.
3.FOR NOMINAL ACCOUNTS----->DEBIT ALL EXPENSES AND LOSSES, CREDIT ALL INCOMES AND GAINS.