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Notes 3. Recording of transaction-I - Rules of Debit and Credit | Class 11 Accounts - Toppers Study

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Notes 3. Recording of transaction-I - Rules of Debit and Credit | Class 11 Accounts - Toppers Study

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Rules of Debit and Credit class 11 Accounts Chapter 3. Recording of transaction-I

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3. Recording of transaction-I

| Rules of Debit and Credit |

Notes 3. Recording of transaction-I - Rules of Debit and Credit | Class 11 Accounts - Toppers Study

Rules of Debit and Credit

All accounts are divided into five categories for the purposes of recording the transactions:

(a) Asset

(b) Liability

(d) Expenses/Losses, and

(e) Revenues/Gains.

Two fundamental rules are followed to record the changes in these accounts:
(1) For recording changes in Assets/Expenses (Losses):
(i) “Increase in asset is debited, and decrease in asset is credited.”
(ii) “Increase in expenses/losses is debited, and decrease in expenses/
losses is credited.”
(2) For recording changes in Liabilities and Capital/Revenues (Gains):
(i) “Increase in liabilities is credited and decrease in liabilities is debited.”
(ii) “Increase in capital is credited and decrease in capital is debited.”
(iii) “Increase in revenue/gain is credited and decrease in revenue/gain is debited.”

Other Pages of this Chapter: 3. Recording of transaction-I

1. Chapter 3. Recording of transaction-I | Preparation of Accounting Vouchers

2. Chapter 3. Recording of transaction-I | Accounting Equation

3. Chapter 3. Recording of transaction-I | Rules of Debit and Credit

4. Chapter 3. Recording of transaction-I | Books of Original Entry

5. Chapter 3. Recording of transaction-I | Journal and Ledger

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