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golden rules of accounting
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Answer / mahmmed rasheed
personal account,
debit the receiver
credit the giver
real account
debit what comes in
credit what goes out
nominal account,
debit all expenses and losses
credit all incomes and gains
since these three rules are essential to post entries.
thats why called as golden rules of accounting.
| Is This Answer Correct ? | 28 Yes | 0 No |
Answer / vinay kumar . pagidikondala
The accounts are divided into two groups i.e.
$ Personal accounts
Debit is the receiver
Credit is the giver
Ex: Sundry creditors & Sundry debtors, etc
$ Impersonal accounts
== Real accounts
== Nominal accounts
Real accounts :
Debit is what comes in
Credit is what goes out
Ex:- Furniture, Land, Building, cash, etc
Nominal accounts :
Debit is all expenses and losses
Credit is all incomes and gains
Ex:- Salraies, intrest, etc
| Is This Answer Correct ? | 6 Yes | 0 No |
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