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Answer Posted / swamy
1. Debits always equal credits
2. Increases do not necessarily equal decreases and,
3. Assets - liabilities = owner's equity (the accounting
equation).
and
There are three accounts
1. Personal
2. Real
3. Nominal
The three golden rules are
1. personal Account
Debit the receiver & Credit the giver
2. Real Account
Debit what comes in & credit what goes out
3. Nominal Account
Debit the expenses & Losses & Credit the Income & gain
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