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What are the 3 Basic Rules in Accounting.
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Answer Posted / krishna
THERE ARE THREE BASIC RULES IN ACCOUNTING.
1] PERSONAL ACCOUNT :-
"DEBIT THE RECEIVER
CREDIT THE GIVER"
2] REAL ACCOUNT :-
"DEBIT WHAT COMES IN
CEDIT WHAT GOES OUT"
3] NOMINAL ACCOUNT :-
"DEBIT ALL EXPENSES&LOSSES
CEDIT ALL INCOMES&GAINS"
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