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3 Golden Rules of Accounting, Explained with Best Examples

3 Golden Rules of Accounting, Explained with Best Examples

3 Golden Rules of Accounting

Types of Account Golden Rules
 Real Account  
  • Debit(Dr)  what Comes into the Business
  • Credit(Cr) what Goes out from the Business
 Personal Account  
  • Debit(Dr)  the Receiver
  • Credit(Cr) the Giver
 Nominal Account  
  • Debit(Dr)  the expense or loss of the business
  • Credit(Cr) the income or gain of the Business

Golden Rules of Accounting 

  1. Debit(Dr) what comes on the Business, Credit(Cr) what goes out on the Business
  2. Debit(Dr)  all receivers on the Business, Credit(Cr) all givers on the Business
  3. Debit(Dr)  all expenses and losses on the Business and Credit(Cr) all incomes and gains on the Business.

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