{"id":1964,"date":"2019-07-30T01:55:23","date_gmt":"2019-07-30T01:55:23","guid":{"rendered":"https:\/\/commerceiets.com\/?p=1964"},"modified":"2019-07-30T01:55:23","modified_gmt":"2019-07-30T01:55:23","slug":"golden-rules-of-accounting","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/golden-rules-of-accounting\/","title":{"rendered":"GOLDEN RULES OF ACCOUNTING"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\" id=\"golden-rules-of-accounting\">Golden rules of Accounting<\/h1>\n\n\n\n<p class=\"has-medium-font-size\">The golden rules of Accounting are the foundation or base of the accounting which helps in posting the transactions correctly in the books of accounts. The golden rules of <a aria-label=\"accounting (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/commerceiets.com\/accounting\/\" target=\"_blank\">accounting<\/a> are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide2-3.jpg\" alt=\"GOLDEN RULES OF ACCOUNTING\" class=\"wp-image-1965\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide2-3.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide2-3-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide2-3-768x576.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption class=\"wp-element-caption\">GOLDEN RULES OF ACCOUNTING<\/figcaption><\/figure>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"traditional-approach\">TRADITIONAL APPROACH<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Under the traditional approach, the accounts are divided into three parts. The golden rules of accounting are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"personal-account\">PERSONAL ACCOUNT<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">These accounts are related to the individuals, firms, societies, clubs, hospitals etc. The personal accounts can be:<\/p>\n\n\n\n<ul>\n<li>Natural Personal Accounts<\/li>\n\n\n\n<li>Artificial Personal Accounts<\/li>\n\n\n\n<li>Representative Personal Accounts&nbsp;&nbsp; <\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size\">The rule for personal account is:<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>DEBIT THE RECEIVER<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>CREDIT THE GIVER<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">According to the rule of \u2018Debit the Receiver\u2019, the personal\naccount of a person to whom we give some money or goods is debited. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example:<\/strong> If we gave \u20b920,000 to Gopal, the entry will be:<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Gopal A\/c &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To Cash\nA\/c&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">(Being cash paid to Gopal)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n\n\n\n<p class=\"has-medium-font-size\">In the same way, according to the rule \u2018Credit the giver\u2019,\nthe personal account of the person from whom we receive some money or goods is\ncredited. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example: <\/strong>If we received \u20b950,000 from Govind, the entry will be:<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Cash A\/c&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To\nGovind&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">(Cash received from Govind)<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"real-account\">REAL ACCOUNT<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Real Accounts are the accounts related to the assets and liabilities of the business. There may be tangible Real Accounts or Intangible Real Accounts. The rule for Real Accounts is as follows: <\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>DEBIT WHAT COMES IN<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>CREDIT WHAT GOES OUT<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">According to the rule of \u2018Debit what comes in and credit\nwhat goes out\u2019, the account of the cash or other property which is received by\nthe business firm is debited and in the same way, the account of the Cash or\nother property which goes out of the business is credited. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example:<\/strong> Machinery purchased for \u20b950,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Machinery A\/c &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To Cash\nA\/c&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">(Machinery purchased for cash)<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"nominal-account\">NOMINAL ACCOUNT<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">These accounts related to the expenses, incomes, profits and losses of the business. These accounts are Wages Account, Loss of goods by fire Account, Interest Received Account, Repairs Account, etc. the rule for Nominal Accounts is as follows: <\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>DEBIT ALL EXPENSES AND LOSSES<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>CREDIT ALL INCOMES AND GAINS<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">According to the rule of \u2018Debit all Expenses\u2019, the accounts\nof all expenses and losses are debited.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example:<\/strong> Salary paid \u20b920,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Salary A\/c &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To Cash\nA\/c&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">(Salary paid in cash)<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Similarly, according to the rule of \u2018Credit all Incomes\u2019,\nthe accounts of all the incomes and profits are credited. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example: <\/strong>\u20b95,000 is received for commission. The entry will be:<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Cash A\/c &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To\nCommission A\/c&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,000<\/p>\n\n\n\n<p class=\"has-medium-font-size\">(Commission received)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide3-1.jpg\" alt=\"TRADITIONAL RULES OF ACCOUNTING\" class=\"wp-image-1966\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide3-1.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide3-1-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide3-1-768x576.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption class=\"wp-element-caption\">GOLDEN RULES OF ACCOUNTING<\/figcaption><\/figure>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"modern-approach\">MODERN APPROACH<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Under this system, the accounts are divided into 5\ncategories which are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"asset-account\">ASSET ACCOUNT<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">An asset is any owned physical object or right, having a money value. These are the economic resources which are owned by a business and from which future economic benefits are expected to flow to the enterprise. The rule for asset account is as follows:<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>DEBIT THE INCREASE<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>CREDIT THE DECREASE<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example:<\/strong> Cash A\/c, Furniture A\/c, etc.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"capital-account\">CAPITAL ACCOUNT<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The amount invested by the owner in the business is known as Capital Account. It may be invested in cash or kind. The rule for this account is as follows:<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>DEBIT THE DECREASE<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>CREDIT THE INCREASE<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"liabilities-account\">LIABILITIES ACCOUNT<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">It refers to an amount owing by one person to another payable in money, goods or services. The rule for Liabilities Account is:<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>DEBIT THE DECREASE<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>CREDIT THE INCREASE<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example:<\/strong> Bank overdraft A\/c, Loan A\/c, etc.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"expense-account\">EXPENSE ACCOUNT<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Expense is that portion of the expenditure which has been consumed during the current accounting period to earn revenue. Since expenses are the cost of goods and services used up, they are also called expired cost. The rule for Expense Account is as follows:<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>DEBIT THE INCREASE<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>CREDIT THE DECREASE<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example:<\/strong> Rent A\/c, Insurance A\/c, Advertisement A\/c, etc.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"income-account\">INCOME ACCOUNT<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Income is the increase in the net worth of the enterprise from business or non- business activities. It is wider term which includes profits also. The rule for Income Account is:<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>DEBIT THE DECREASE<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>CREDIT THE INCREASE<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example: <\/strong>Interest received Account, Commission Received Account, Dividend Received A\/c. <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide4-5.jpg\" alt=\"MODERN RULES FOR ACCOUNTING\" class=\"wp-image-1967\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide4-5.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide4-5-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide4-5-768x576.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption class=\"wp-element-caption\">GOLDEN RULES OF ACCOUNTING<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting\/\"><strong>Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/non-profit-organisation\/\"><strong>Non profit organisation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/depreciation\/\"><strong>Depreciation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/liquidity-ratios-types\/\"><strong>Liquidity ratios<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/nature-of-accounting\/\"><strong>Nature of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/receipt-and-payment-account-pdf\/\"><strong>Receipts and Payments Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/depreciation-accounting\/\"><strong>Depreciation Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/acid-test-ratio-formula\/\"><strong>Acid Test Ratio<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/benefits-of-accounting\/\"><strong>Benefits of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-accounting\/\"><strong>Scope of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/hire-purchase-accounting-notes-pdf\/\"><strong>Hire Purchase Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cash-ratio\/\"><strong>Cash Ratio<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-cost-accounting-and-financial-accounting\/\"><strong>Difference between cost accounting and financial accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-financial-accounting-management-accounting-and-cost-accounting\/\"><strong>Financial accounting, cost accounting and management accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-hire-purchase-and-instalment\/\"><strong>Difference between hire purchase and instalment system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/financial-ratio-analysis\/\"><strong>Financial ratio analysis<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-transaction-and-event\/\"><strong>Difference between transaction and event<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/transactions\/\"><strong>Transactions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/users-of-accounting\/\"><strong>Users of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/current-ratio-formula\/\"><strong>Ratio analysis<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/limitations-of-accounting-2\/\"><strong>Limitation of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/capital-expenditure\/\"><strong>Capital Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/instalment-system\/\"><strong>Instalment System<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-consignment-and-sale\/\"><strong>Difference between consignment and sale<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/book-keeping\/\"><strong>Book Keeping<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue-expenditure\/\"><strong>Revenue Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reserves-accounting\/\"><strong>Reserves Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-normal-and-abnormal-loss\/\"><strong>Abnormal loss vs normal loss in consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accountancy\/\"><strong>Accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-capital-expenditure-and-revenue-expenditure\/\"><strong>Difference between capital and revenue expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reserves-accounting\/\"><strong>Provisions&nbsp;<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/treatment-of-loss-on-consignment\/\"><strong>Treatment of loss on consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Accounting as science or an art<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-equation\/\"><strong>Accounting Equation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/\"><strong>Single entry system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-treatment-of-consignment\/\"><strong>Accounting treatment of consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Book Keeping vs accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/deferred-revenue-expenditure\/\"><strong>Deferred Revenue Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/statement-of-affairs-and-balance-sheet-difference\/\"><strong>Difference between statement of affairs and balance sheet<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-joint-venture-and-consignment\/\"><strong>Joint venture vs consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Book keeping vs accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/capital-receipt\/\"><strong>Capital receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/ifrs\/\"><strong>IFRS<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/departmental-accounting\/\"><strong>Departmental Accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Accounting vs accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue-receipt\/\"><strong>Revenue receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/balance-sheet\/\"><strong>Balance Sheet<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-departmental-accounting\/\"><strong>Methods of departmental accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/basis-of-accounting\/\"><strong>Basis of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-capital-and-revenue-receipt\/\"><strong>Difference between capital and revenue receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/profit-and-loss-account\/\"><strong>Profit and loss Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/allocation-of-expenses-in-departmental-accounting\/\"><strong>Allocation of expenses in departmental accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/branches-of-accounting\/\"><strong>Branches of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-accounting-concepts-and-conventions\/\"><strong>Difference between accounting concepts and conventions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/trading-account\/\"><strong>Trading Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/inter-departmental-transfers\/\"><strong>Inter-departmental transfers<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cash-and-mercantile-system-of-accounting\/\"><strong>Cash and mercantile system of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-standards\/\"><strong>Accounting Standards<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/voyage-account\/\"><strong>Voyage Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/different-types-of-branches\/\"><strong>Different types of branches<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-principles\/\"><strong>Accounting Principles<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives-of-accounting\/\"><strong>Objectives of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-for-incomplete-voyage\/\"><strong>Accounting for Incomplete Voyage<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-departmental-and-branch-accounting\/\"><strong>Departmental vs Branch accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/golden-rules-of-accounting\/\"><strong>Golden ru\nles of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-accounting\/\"><strong>Process of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-venture\/\"><strong>Joint venture<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-branch-accounting\/\"><strong>Methods of branch accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/double-entry-system-of-accounting\/\"><strong>Double entry system of book keeping<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-accounting\/\"><strong>Scope of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-joint-venture-and-partnership\/\"><strong>Joint Venture Vs Partnership<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/incorporation-of-branch-trial-balance\/\"><strong>Incorporation of branch trial balance<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-double-single-entry-system\/\"><strong>Double entry vs Single entry system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-accounting-concepts-and-conventions\/\"><strong>Accounting Concepts vs Accounting conventions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-recording-transactions-in-joint-venture\/\"><strong>Methods of recording transactions in Joint Venture<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/garner-vs-murray-rule\/\"><strong>Garner VS Murray Rule<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/history-of-accounting-pdf\/\"><strong>History of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-provisions-and-reserves\/\"><strong>Difference between provisions and reserves<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consignment\/\"><strong>Consignment<\/strong><\/a><\/td><td>GOLDEN RULES OF ACCOUNTING<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">GOLDEN RULES OF ACCOUNTING<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<p>DESCRIPTION : Golden rules of accounting<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"<p>The golden rules of Accounting are the foundation or base of the accounting which helps in posting the transactions correctly in the books of accounts.<\/p>\n","protected":false},"author":2,"featured_media":1968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,11],"tags":[53],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/1964"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=1964"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/1964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/1968"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=1964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=1964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=1964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}