Basic Principles of Accounting
Golden Rules of Accounting
| Sl. No. | Name of Account | Debit Aspect | Credit Aspect |
| 1 | Personal Account | The Receiver | The Giver |
| 2 | Real Account | What Comes In | What Goes Out |
| 3 | Nominal Account | All Expenses | All Incomes |
If there is an increase or decrease in one account, there will be equal decrease or increase in another account. Accordingly, the following rules of debit and credit in respect of the various categories of accounts can be obtained.
The Golden rules may be summarised as below
| Name of Account | Debit Aspect | Credit Aspect |
| Assets | Increase | Decrease |
| Liabilities | Decrease | Increase |
| Income | Decrease | Increase |
| Expenses | Increase | Decrease |
