related to golden rules of accounting..

Save Share

This query is : Resolved

ROHIT BANSAL (Querist)

25 November 2010 can some one please tell me the effective date of applicability of golden rules???

means when this principles were established...????

Aditya Maheshwari

Aditya Maheshwari (Expert)

25 November 2010 They have not been notified by any act. So it is very difficult to answer this question. Maybe it may back from when debit & credit system of accounting were created.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

25 November 2010 By the end of the 15th century, the merchant venturers of Venice used this system widely. Luca Pacioli, a monk and collaborator of Leonardo da Vinci, first codified the system in a mathematics textbook of 1494. Pacioli is often called the "father of accounting" because he was the first to publish a detailed description of the double-entry system, thus enabling others to study and use it

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

25 November 2010 golden rules of accounting
what comes in Dr...
what goes out Cr...
Debit is the receiver
Credit is the giver
all gains and income are credit
all lossess and expenses are Debit

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now