What are the 3 Basic Rules in Accounting.
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Answer Posted / koteswararao
accounts are two types. namely
1.personal account
2.impersonal account: this account can be divided into two types
a.Real A/c
b.Nominal A/c
1.Personal A/c:
Debit the REciever
Credit the Giver
2.Real A/c
Debit what comes in
credit what goes out
3.Nominal A/c
Debit all expenses and losses
Credit all incomes and gains
These are called Golden principles.
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