what is basic accounts rule?
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Answer Posted / pardeep kumar
Firstly Acconts have two types ;-
1. Personal Acconts
2. Impersonal Accounts ( Real A\cs & Nominal A\Cs )
The three "Golden Rule" of Debit & Credit based on
Classification of A/Cs are:-
1. Personal Account - Dr. the Reciever
Cr. the Giver
2. Real Account - Dr. What Comes in
Cr. What Goes Out
3. Nominal Accont - Dr. all Expenses & Losses
Cr. all Profits & Gains.
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