Question 14 of 31
Q.Give the golden rules of double-entry accounting system.
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2022Subjective· 3mImportance★★★★★
45% · 14/31 Questions
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Start your 14-day free trial to unlock the full solution →Three golden rules — Personal: debit the receiver, credit the giver; Real: debit what comes in, credit what goes out; Nominal: debit expenses/losses, credit incomes/gains.
Under the traditional (British) approach in the Tamil Nadu HSC Class-11 Accountancy syllabus, every account is first classified into one of three types, and each type has its own golden rule for deciding the debit and credit:
| Type of account | Meaning | Golden rule |
|---|---|---|
| Personal account | Accounts of persons, firms and institutions (e.g. Raj A/c, Bank A/c, Capital A/c) | Debit the receiver, Credit the giver |
| Real account | Accounts of assets and properties (e.g. Cash A/c, Machinery A/c, Building A/c) | Debit what comes in, Credit what goes out |
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