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wat is the golden rule of accounting
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Answer Posted / ravi shankar(yemmiganur)
hai this is ravishankar
the golden rule of accountings are personal,real and
nominalaccounts.
personala/c: the personal accounts means accounts which show
transaction with person is called personal account.
the principel is debit is the reciver and credit is the giver.
Reala/c: the accounts related to properties and assets is
called real a/c.
the principel is debit what comes in and credit what
goes out.
Nomiala/c: the accounts related to incomes,expenses and
losses that is called nominal a/c.
the principel is debit all expenses and losses and credit
all incomes and gains.
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