What are the 3 Basic Rules in Accounting.
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Answer Posted / preeti
1) Personal Accounts-:
Debit the receivers & credit the givers.
ex: Aditya sold a washing machine to Ram for RS 8000.Then journel entery
will be-
RAM a/c Dr 500
to
Aditya a/c Cr 500
2) Real A/Cs-:
Debit what comes in & credit what goes out.
Ex: Ram sold furniture for cash in Rs 1o,000. Then journel entry will be
Cash A/C Dr 10,000
to
Furniture A/C Cr 10,000
3) Nominal A/Cs-:
Debit the all expenses & losses & Credit all incomes & gains.
Ex: Sita purchased a purse for Rs 500
Cash A/C Dr 500
to
Purse A/C Cr 500
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