Answer Posted / r.sumithra devi

THERE ARE TWO TYPES OF ACCOUNTING RULES AS FOLLOWS:
1)PERSONAL ACCOUNTS
2)IMPERSONAL ACCOUNTS
IMPERSONAL ACCOUNTS AGAIN DIVIDED INTO TWO TYPES THEY ARE
AS FOLLOWS:
1)REAL ACCOUNTS
2)NOMINAL ACCOUNTS
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 & GAINS

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