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What are the 3 Basic Rules in Accounting.
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Answer Posted / r.ajay kumar
Classification of accountancy can be divide in to two types
they are 1.personal accounts and 2.impersonal accounts
Persons a/C's Bank account and other firms accounts are
treated as a personal accounts.personal accounts use only in
the sin gal Entry system.this system not given the full
information of accounts.this system prepare only personal a/C's
Impersonal accounts can be divide in to the two types they
are 1.Real account 2.Nominal account
principals
Real accounts what comes in
what goes out
Nominal accounts All assets,expenses and losses are Dr
All liabilities,incomes,profits/gains areCr
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