what is the rule of debit and credit.
Plz detail answer.
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Answer Posted / priyanka
RULES OF DEBIT AND CREDIT
1. IN CASE OF PERSONAL ACCOUNT(these are the accounts in
the names of persons eg K SONS & COMPANY)
DR THE RECEIVER
CR THE GIVER
2. IN CASE OF REAL ACCOUNT(these account are based on
amount which we get by selling or purchase of fixed asset)
DR WHAT COMES IN
CR WHAT GOES OUT
3. IN CASE OF NOMINAL ACCOUNT(these account based on
expenses eg.telephone expenses etc)
DR ALL EXPENSES AND LOSSES
CR ALL INCOMES AND GAINS
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