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Answer Posted / suraj bepari
There are three accounts
1. Personal
2. Real
3. Nominal
The three golden rules are
1. personal Account
Debit the receiver & Credit the giver
2. Real Account
Debit what comes in & credit what goes out
3. Nominal Account
Debit the expenses & Losses & Credit the Income & gain
In a short form & easy to understand ----
asset- increase -debit
asset - decrease - credit
liability-increase-credit
liability- decrease - debit
expense - increase - debit
expense - decrease - credit
income - increase - credit
income - decrease - debit
| Is This Answer Correct ? | 24 Yes | 7 No |
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