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  • Principles of Accounting: Section - M & N Class - IX

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    tariq iqbal
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    This document discusses the accounting cycle and fundamentals of accounting, including the rules of debit and credit. It explains that double entry accounting records two aspects of a transaction as debit and credit. The rules of debit and credit indicate that assets and expenses are recorded as debits, while liabilities, capital, and revenues are recorded as credits. Debits increase asset and expense accounts, while credits increase liability, capital, and revenue accounts.

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    01-07-2020

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    This document discusses the accounting cycle and fundamentals of accounting, including the rules of debit and credit. It explains that double entry accounting records two aspects of a transaction as debit and credit. The rules of debit and credit indicate that assets and expenses are recorded as debits, while liabilities, capital, and revenues are recorded as credits. Debits increase asset and expense accounts, while credits increase liability, capital, and revenue accounts.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    5 views5 pages

    Principles of Accounting: Section - M & N Class - IX

    Uploaded by

    tariq iqbal
    This document discusses the accounting cycle and fundamentals of accounting, including the rules of debit and credit. It explains that double entry accounting records two aspects of a transaction as debit and credit. The rules of debit and credit indicate that assets and expenses are recorded as debits, while liabilities, capital, and revenues are recorded as credits. Debits increase asset and expense accounts, while credits increase liability, capital, and revenue accounts.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 5

    Principles of Accounting

    Class - IX

    Section – M & N

    By: Ghalib Hussain


    1.2 Accounting Cycle and Fundamentals of 1.2.6 Rules of Debit & Credit
    Accounting
    1.2 Accounting Cycle and Fundamentals of 1.2.6 Rules of Debit & Credit
    Accounting

    Double Entry Accounting System

    It is a system in which two aspects of a transaction are recorded in the form


    of Debit & Credit
    1.2 Accounting Cycle and Fundamentals of 1.2.6 Rules of Debit & Credit
    Accounting

    Rules of Debit & Credit

    Head of Accounts Increase (+) Decrease (-)


    Assets Debit Credit

    Liabilities Credit Debit

    Capital Credit Debit

    Expenses Debit Credit

    Revenues Credit Debit


    1.2 Accounting Cycle and Fundamentals of 1.2.6 Rules of Debit & Credit
    Accounting

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