Golden rules of accounting
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Answer Posted / vinod chandila
THE THREE GOLDEN RULES OF ACCOUNTING.
1.PERSONNEL ACCOUNTS-DEBIT THE RECEIVER AND CREDIT THE GIVER.
2.REAL ACCOUNTS-DEBIT WHAT COMES IN AND CREDIT WHAT GOES OUT.
3.NOMINAL ACCOUNTS-DEBIT ALL THE EXPENSES AND LOSSES AND
CREDIT ALL THE INCOME AND GAINS.
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