Accountancy
rules of debit/credit
This Class 11 Accountancy topic explains the basic rules used to record business transactions in the chapters Recording of Transactions I & II. Students learn how to identify debit and credit sides, classify accounts as personal, real, or nominal, and apply the rules: debit the receiver and credit the giver; debit what comes in and credit what goes out; debit expenses and losses and credit incomes and gains. The topic also supports accurate journal-entry preparation and a clearer understanding of ledger records.
Medium · Level 1 · 1 questions