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What are the 3 Basic Rules in Accounting.
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Answer Posted / shivaraj
Real A/C
Debit : What comes in
Credit :what goes out
Personal A/C
Debit : Receiver
Credit : Giver
Nominal A/C
Debit : All Expenses & Losess
Credit : All incones and gains
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Why in a cash book receipts are debited while the same if received in our books recepits are credited. Why does cash book have a rule to debit receipts and credit payments. For example if am paying the cash that i owe the company or firm i debit in my books(cash) on the debit side and should credit in the cash book but i cant do that cash book take receipts on the debit side as per the general . please clarify many thanx in advance
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