Question { TCS, 649249 }

Golden rules of accounting

Answer

For the accounts purpose the accounts are mainly divided
into three heads of the accounts, below are the list of the
accounts and correspoding rules

1.Personal accout:

Debit : The receiver
Credit : The giver

2. Real Account:

Debit : What comes in
Credit : What goes out

3. Nominal Account

Debit : all expenses and losses
Credit : All incomes and gains