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What is the difference between debit and credit?
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According to three golden rules of accounting:
1.Personal account: Debit the receiver
Credit the giver
2.Real account: Debit what comes in
Credit what goes out
3.Nominal account: Debit all expenses and losses
Credit all incomes and gains
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / bhaskar
in PA DEBIT RECIVER ,CREDIT GIVER
IN RA DEWBIT WHAT COMES CREDIT WHAT GOES
IN NA DEBIT AII EXPANSESS,LOSSESS AND CREDIT ALL
PROFITS ,INCOMES
| Is This Answer Correct ? | 4 Yes | 2 No |
Debit and credit is to aspects on which all accounting is
based. these two word are the foundation of accounting.
| Is This Answer Correct ? | 1 Yes | 1 No |
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