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What are the 3 Basic Rules in Accounting.
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Answer Posted / prakash
There are three rules of accounts
1. real a/c i.e (asset)
when one asset comes in it should be debited
when one asset goes out it should be credited
2.personal a/c i.e (individual a/c)
when one person or co.receives benefit it should debited
when one person or co.gives benefit it should be credited
3.nominal a/c
all the expenses&losses should be debited
all the incomes&gains should be credited
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