What are the golder rules of Accounts ?
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Answer Posted / chhaya chouhan
There are 3 types of accounts:
1.Personal a/c
2.Real a/c
3.Nominal a/c
Rules for these accounts are as follows:
1.For Personal a/c:
Debit: The reciever
Credit:The Giver
2.For Real a/c:
Debit: What comes in
Credit:What goes out
3.For Nominal a/c:
Debit: All expenses and losses
Credit:All incomes and gains...
These are the most important and in other words the golden
rules of accounts...
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