Golden rules of accounting
Answer Posted / manjunath kasar
PERSONAL A/C : DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
REAL A/C : DEBIT THE RECEIVER
CREDIT THE GIVER
NOMINAL A/C : DEBIT ALL EXPENSES & LOSES
CREDIT ALL INCOME & AND GAIN
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If i have a company in India doing purchase from Shrilanka, If i buy in Shrilankan local currency and make the payments in Indian Currency At the end of year how shall i settle the difference Exchange money in Books of Accounts.
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