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Golden rules of accounting
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Answer Posted / shrikrishan shahani
in my own words
shrikrishan1990world@gmail.com
9466284356
the three golden rules of accounting
► In given below examples of personal accounts we use
the rule………
“Debit the receiver and credit the giver”.
▓ In natural personal accounts we include:-
Any person name;
Capital account;
Drawing account;
Debtors account;
Creditors account etc.
▓ Artificial personal account is not an actual person but
these are treated as personal account:-
Like ……..
Bank account;
Organization, companies account etc.
▓ Representative personal account:-
Outstanding salary due to staff;
Prepaid expenses;
Accrued income;
Unearned income etc.
► Real account which is calculated as amount
“Debit what come in and credit what goes out.”
Real account has to types: 1 Tangible;
2
Intangible.
► All accounts of business income and expenses are
called nominal account:
"Debit all expenses and losses and credit all income and
gains”
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