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RULE: DEBIT ALL EXPENSES & LOSSES, CREDIT ALL INCOMES & GAINS
PURPOSE:IT REFLECTS TOTAL EXPENSES AND INCOME OF BUSINESS.
All direct and indirect expenses and income fall under this rule for examples wages paid, production and manufacturing exp., freight inward, royalty etc.
salary, rent paid, telephone expenses, water and electricity expenses, travelling expenses, professional charges, printing and stationery exp., staff welfare, business promotion and sales promotion expenses, marketing exp., fuel exp.vehicle repair and maint. Exp., office exp., freight outward, Insurance exp. depreciation, bad-debts, loss by theft, loss by accident, loss by fire, interest paid, bank charges, processing charges ,audit fee etc.
Incomes are discount received, interests received, dividends received, rent received, commission received, bad-debts recovered.