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What are accounting Principles?
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Answer Posted / vijaymore
Personal Account:Debit the receiver
Credit the giver
(accounts recording transactions with
person)
Real Account : Debit what comes in
Credit what goes out
(It is relating to tangible things like
goods, cash,Buildings,Bills Receivable)
Nominal Account : Debit expenses and losess
Credit incomes and gains
(It is relate to the losses, gains,
expenses and incomes like rent salaries
Bad debts.....)
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