Golden rules of accounting
Answer Posted / naveen kumar
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND Gain
PERSONAL ACCOUNTS DEBIT THE RECEIVER
CREDIT THE GIVER
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CLASSIFY THE FOLLOWING INTO REAL,NOMINAL AND PERSONAL- 1.unpaid salaries a/c 2.arvind mills a/c 3.arvind mills shares a/c 4.prepaid rent a/c 5.fire insurance premium a/c 6.life insurance premium a/c 7.petty cash a/c 8.loan given a/c 9.interest received a/c 10.loan received a/c
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