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Our CBSE Notes for Notes 3. Recording of transaction-I - Rules of Debit and Credit | Class 11 Accounts - Toppers Study is the best material for English Medium students cbse board and other state boards students.

Notes ⇒ Class 11th ⇒ Accounts ⇒ 3. Recording of transaction-I

# 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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Chapter 3 Accounts class 11

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

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• Class 11 Ncert Solutions
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## 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

(c) Capital

(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.”

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Mathematics Class - 11th

NCERT Maths book for CBSE Students.

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## Study Materials List:

##### Notes ⇒ Class 11th ⇒ Accounts
1. Introduction to Accounting
2. Theory Base of Accounting
3. Recording of transaction-I
4. Recording of transaction-II
5. Bank Reconciliation Statement
6. Trial Balance and Rectification of Errors
7. Depreciation, Provisions and Reserves

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