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Answer Posted / lalitha
To know what is debit and credit , one should know the
golden rules of accounting.
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 and gains
| Is This Answer Correct ? | 19 Yes | 2 No |
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