Answer Posted / poonam patel

Ther is three basic rules in accounting Transaction
1)Personal A/C
2)Real A/C
3)Nominal A/C

1)Personal A/C:- This A/C represents a personal firm’s
company society clubs or any others institution with whom
the business deals are called as personal A/C.

Rule: - “Debit the receiver”
“Credit the giver”

2)Real A/C:- This A/c which represent such as
building, furniture, machinery, Cash A/c are called
real A/c.

Rule: - “Debit what comes in,
“Credit what goes our”
.
3)Nominal A/c:- This A/c are representing all types of
expenses and losses and incomes and such as salaries,
wages, rent, discount as called as nominal A/c.

Rule: - “Debit all the expenses and losses,
“Credit all the incomes and gains.”

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