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Answer Posted / h.r. sreepada bhagi
Under Double Entry System of Accounting, every financial
transaction has two aspects. Debit & Credit. In other words
the total amount on the 2 sides of a transaction should tally.
Debit & Credit rules have been framed by classifying the
Accounts in to three basic types as below :
1. Personal Account.
2. Nominal Account.
3. Real Account.
For more information on basics of accountancy, read any book
on Fundamental Accounting or any Accountancy Text Book
prescribed for 1st year PUC.
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