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What is the golden rule of accountancy |
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Answer» The following are the rules of debit and credit which guide the system of accounts, they are known as the Golden Rules of accountancy: First: Debit what comes in, Credit what goes out. Second: Debit all expenses and losses, Credit all incomes and gains. Third: Debit the receiver, Credit the giver. For personal account - debit the reciver , credit the giverFor real account - debit what comes in , credit what goes outFor nomial account - all expenses and looses are debit , all gain and profit are credit ? |
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