أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
Mr Khalid Noor did a good and simple answer , I agree with him
The traditional rule of accounting which some people refers as the "Golden Rule of Accounting" is here below:
1: debit the receiver (debtor) and credit the giver (Creditor), 2: debit what comes in and credit what goes out and 3: debit all expense and loss and credit all income and gains.
The complete details of this rule can be found in Classical books of Accounting (FRANKWOOD Theory of Accounting, Meigs & Meigs ACCOUNTING)
debit all those which you have
Credit all those to whom you give all these
for example
sale50 units @1 each in cash
now you have cash so debit it "Cash account" by50
cash given by sale so credit it "Sale account" by50
CMA (final)
Looking for new opportunity
Plz call me at
cell No
The golden rules in accounting is siply been refers to as the princple of double entry, that is ever debit entry must have a correspont credit entry whis is simply put , DEBIT THE RECEIVER & CREDIT THE GIVER ACCOUNTS exmple pay cash into bank $500
Debit Bank account $500
Credit Cash Account $500
can i simply say that
The Golden rules of accounting is classification of accounts in three groups
1. Real Account : debit what comes in , credit what goes out
2. Personal account : debit the receiver , credit the giver
3. Nominal account : debit all expenses and losses , credit all incomes and gains