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What are the 3 Basic Rules in Accounting.
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Answer Posted / ambrose massey
PERSONAL A/C : These accounts deal with transactions
relating to persons or an organization.It can be classified
as
1- Natural Persons : Mr.A Massey,Triveni & sons, etc
2- Artificial Persons : SBI, ITC Ltd, Royal calcutta golf
club etc.
3- Representative persons : Outstandig persons,Prepaid
Salary etc
REAL A/C : It is an accounts relating to assets and
properties.
Eg: Land,Machinery,Building,Plant,Cash,Bank,Stock,etc
NOMINAL A/C : It is an accounts relating to
expenses,losses, income and gain.
Eg: sales, purchase, salary, wages, rent, enterest, etc
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