What is Golden Rule in Tally?

Welcome to Golden rules of accounting refer to a set of pre-defined principles which guides the sequential way of recording the transactions using double entry system of bookkeeping. Golden Rules of Accounting. Real Account. Personal Account and Nominal Account

Personal Account

Debit the Receiver, Credit the Giver

Real Account

Debit What Comes In, Credit What Goes Out

Nominal Account

Debit All Expenses and Losses, Credit all Incomes and Gains