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What are the 3 Basic Rules in Accounting.
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Answer Posted / vemula sai kiran
This is universal question of accontancy to be known by
every accountant.
PERSONAL ACCOUNT:IT DEAL WITH PERSON AND ANY THING.(TRADING A/C)
DEBIT THE RECEIVER,..
CREDIT THE GIVER.
REAL ACCOUNT:IT DEALS WITH CASH,BANK,THINGS..etc(PROFIT AND
LOSS A/C)
DEBIT WHAT COMES IN,..
CREDIT WHAT GOES OUT
NOMINAL ACCOUNT:IT DEALS WITH EXPENSES, INCOME AND GAINS
FROM BUSSINESS.
DEBIT ALL EXPENSEN AND LOSSES,..
CREDIT ALL INCOMES AND GAINS.
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