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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)
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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