Examples each for golden rules of accounting
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Answer Posted / jitendra more
PERSONAL ACCOUNT
DEBIT : THE RECEVIER (S.Creditor, Party)
CEDIT : THE GIVER (Cash or Bank)
REAL ACCOUNT
DEBIT : WHAT COMES IN (Cash/Cheque, Purchases, Receipts)
CREDIT : WHAT GOES OUT (Payments, Cash/Cheque, Sales)
NOMINAL ACCOUNT
DEBIT : EXPENES OR LOSS (Salary,commission,rent,etc)
CREDIT : INCOME OR GAINS (Interest recieved,commission
received, royalty received, etc)
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