Golden rule of Trial Balance
This query is : Resolved
02 February 2025
whether is it true
Debit Assets, Drawing and expenses
Credit Equity, Liabilities and income
Debit Assets, Drawing and expenses
Credit Equity, Liabilities and income
02 February 2025
Yes, you are right! In accounting, this principle follows the double-entry system, where every transaction affects at least two accounts.
Debit (Dr.) affects Assets, Drawing, and Expenses:
Credit (Cr.) affects Equity, Liabilities, and Income:
Debit (Dr.) affects Assets, Drawing, and Expenses:
Credit (Cr.) affects Equity, Liabilities, and Income:
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- Gst reverse charge mechanism to be claimed in the month of payment
- DUE DATE FOR ITR FILING
- Query regarding reporting of exempt foreign remuneration in ITR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Rent claimed on building given on permissive possession basis
- Taxation on Old jewellery sold
- Short Term Gain Reporting ITR
- REGARDING ITR FILING QUESTION
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
