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What are the golder rules of Accounts ?
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Answer Posted / jayashri
There are 3 Types in Accounting.
1) Personal A/c
2) Real A/c
3) Nominal A/c
Personal A/c:-
Debit-The Receiver of the benefit
Credit-The Giver of the benefit
Eg:-Capital Introduced by the Proprietor to the business
Rs.5,000/-
Real A/c:-
Debit-What Comes into the Business
Credit-What goes out of the Business
Eg:- Machinary purchased by cash Rs.1,500/-
Nominal A/C:-
Debit-All Expenses And Losses
Credit-All Incomes and Gains
Eg:-Bank Interest Received Rs.500/-
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a) What are the Golden Rules of Accounting? What are the 14 Principles of Accounting
