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 Accounts Payable  |  Question 98 of 111    Print  
Golden rule of accounts
what is golden rule of accounts


  
Total Answers and Comments: 1 Last Update: June 20, 2008     Asked by: akki.jagani 
  
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June 20, 2008 03:22:50   #1  
Sweete Member Since: June 2008   Contribution: 7    

RE: Golden rule of accounts
Personal Account Rule:
Debit the receiver
Credit the giver

Real Account Rule:
Debit what comes in
Credit what goes out

Nominal Account Rule:
Debit all expenses and losses
Credit all incomes and gains


These are the golden rules of accounts.

According to double entry system for every debit there will be a credit.

 
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