1st Year Accounting Class 07 Rules of Debit And Credit

Question 02) Rules of debit and credit 

Debit	Credit
Increase in assets	Decrease in assets
Increase in expenses	Decrease in expenses
Decrease in liabilities	Increase in liabilities
Decrease in income	Increase in income
Decrease in equity	Increase in equity

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Complete List of Heads Of Accounts & Normal Balance

Accounting Equation

Accounting Element	Normal Balance	To Increase	To Decrease
1. Assets	Debit	Debit	Credit
2. Liabilities	Credit	Credit	Debit
3. Capital	Credit	Credit	Debit
4. Withdrawal	Debit	Debit	Credit
5. Income	Credit	Credit	Debit
6. Expense	Debit	Debit	Credit