Golden rules of accounting
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Answer Posted / s j baig
Accounts divided into two types 1.Personal A/c &
2.Impersonal, impersonal A/c again divided into two types
which is a)Nominal A/c & b)Real A/c.
Personal A/c: Debit is receiver and Credit is the giver.
Nominal A/c: All expenses and losses are Debit and all
incomes and gains are Credit.
Real A/c: What comes in and whats goes out.
But there is a only logic behind this that is Debit &
Credit.
| Is This Answer Correct ? | 13 Yes | 5 No |
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