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Answer Posted / dj
The golden rule of accounts is-
Every Debit has an equal and corresponding credit.
Accounts can be further classified in to 3 types, i.e-
Personal Accounts, Real or Property Accounts and Nominal or
Fictitious Accounts.
Rules of double entry system in respect of personal, real
and nominal accounts are :-
1. Personal accounts:
Debit -> Receiver,
Credit -> Giver.
2. Real accounts:
Debit -> What comes in,
Credit -> What goes out.
3. Nominal accounts:
Debit -> Expenses and Losses,
Credit -> Incomes and Gains.
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