Rules of Accounting

Mohita G.

11/02/2022 0 0

There are three types of accounts:

1. Personal account

2. Real account

3. Nominal accountR

1. Rule for personal account - "debit the receiver and credit the giver."

2. Rule for real account is- "debit what comes in and credit what goes out"

3. Rule for nominal account is-"debit all expenses and losses and credit all incomes and gains"

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