How to understand debit and credit rules better?

by admin on September 21, 2010

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Can anyone give a good example to help me better understand debit/credit rules for my accounting class?



+Admin


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{ 3 Answers… read them below or add one }

naveen k September 22, 2010 at 12:00 am

GOLDEN RULES OF ACCOUNTING

REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT

NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES

PERSONAL ACCOUNTS DEBIT THE GIVER
CREDIT THE RECEIVER

Reply

GODGIFT September 22, 2010 at 12:00 am

DEBIT the receiver . CREDIT the Giver

Reply

pradnya m September 22, 2010 at 12:00 am

Debit means the amount deduct from your account and credit means
the amounts credited in your account

Reply

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