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What are the 3 Basic Rules in Accounting.
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Answer Posted / prashanthi
3 basic rules in accounting
personal account:persional accounts are accounts of persons
with whom a concern carries on business.
debit is the receiver
credit is the giver
Real accounts:accounts relating to properties or assests of
a trader are known as real accounts
debit what comes in
credit what goes out
nominal accounts:accouts dealing with expenses losses,
gains and incomes are known as nominal accounts
debit all expenses and losses
credit all incomes and gains
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