3 Golden Rules of Accounting - You Must Know!

Debit the Receiver, Credit the Giver

Thank the Ones who give your business and Charge the Ones who receive from your Business!

Debit Expenses and Losses, Credit Incomes and Gains

Expenses reduce business wealth while income increases it. This helps to compute profit/ Loss and track business performance.

Debit What Comes in, Credit What Goes Out

When asset or cash comes in, debit its account. When the asset or cash goes out, credit the account.

A closer look at the Golden Rules of Accounting With Examples