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Answer Posted / vamshi krishna d
Accounts are classified into 3 types they are as follows 1)
Personnel Accounts; 2) Real Accounts; & 3) Nominal Accounts.
Personal Accounts:
Debit: The Receiver
Credit: The Giver
Real Accounts:
Debit: What Comes In
Credit: What Goes Out
Nominal Accounts:
Debit: Expenses and Loses
Credit: Incomes and Gains
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