Answer Posted / v.k.tanseer shadab
The term golden rules reffers to the three basic principle
is to be followed in double entry system of book keeping.
based on the a/c, normally a/c may be classified into two
types. viz.personal & Impersonal
In Personal - all Natural & Artificial person a/c is
considered.
where as in Im personal - Real & Nominal in taken in
consideration
Rule 1.for Pesonal A/c is Debit= The Receiver of Benefit
Credit= The Giver of Benefit
Rule 2.for Real A/c is Debit= What comes in
Credit= What goes out
Rule 3.for Nominal A/c is Debit= All Expenses and Losess
Credit= All Incomes and Gains
| Is This Answer Correct ? | 19 Yes | 1 No |
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