Golden rule of accounts
personal account,
debit the receiver
credit the giver
real account
debit what comes in
credit what goes out
nominal account,
debit all expenses and losses
credit all incomes and gains
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Showing posts with label Golden rule of accounting. Show all posts
Showing posts with label Golden rule of accounting. Show all posts
Monday, 20 June 2011
Saturday, 7 May 2011
what is the golden rule of accounting
Debit the reciver, Credit the Giver
Debit all expenses, Credit all incomes
Debit what comes in credit what goes out
Personal a/c- Debit the receiver of benefit, Credit the
giver of benefit.
Real a/c- Debit what comes in, Credit what goes out.
Nominal a/c- Debit all expenses and losses, Credit all
incomes and gains.
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