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Tell me about golden rules of Accounting?

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Question ajoutée par Shaik Mahammad Rafi , Accounts Receivable Analyst , ABHAYA CEMENTS PRIVATE LIMITED
Date de publication: 2017/02/28
Christelle El-Hajj
par Christelle El-Hajj , Regional Financial Compliance Specialist , Azadea Group

The better answer is that for assets : the account is debited when you want to increase it and credited when you want to decrease it, and for liabilities it is the other way around.

now for the accounting golden rule, no matter what you do ALWAYS HAVE A SIGNED SUPPORTING DOCUMENT for any transaction no matter how little or small so you can trace it if u need to.

MOHAMED RAFI ABDUL MAJEED
par MOHAMED RAFI ABDUL MAJEED , Senior General Accountant Member SOCPA , Saudi Investment Group and Marketing Co Ltd Jeddah KSA

Debit The Assets and credit the Liablities

Utilisateur supprimé
par Utilisateur supprimé

"Debit All Expenses And Losses, Credit All Incomes And Gains"

 

When you credit all incomes and gains, you are increasing your capital. And when you debit expenses and losses, you decrease your capital. This is the rule of debit and credit for nominal accounts.

Sunila Oturkar
par Sunila Oturkar , Business Planning and Reporting Analyst , hewlett-packard(hp)

Personal Account - Debit the receiver Credit the giver

Nominal Account - Debit all expenses and losses and credit all incomes and gains

Real Account Debit what comes in credit what goes out 

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