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Wednesday, July 29, 2020

Golden Rules of Accounting

The rules to be followed for Golden Rules are:


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.
 
  • What is debit and credit?
  • Debit comes from the Latin word Debitum  which means what comes in. Credit has derived from the word credre which means something which goes out.

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