Answer Posted / jubeda

THERE ARE THREE GOLDEN PRINCIPLES OF ACCOUNTING
PERSONAL A/C - DEBIT THE RECEIVER
CREDIT THE GIVER
EG: NAME OF A COMPANY/FIRM/PERSON/ETC.

REAL A/C - DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
EG: EXPENSES/ASSETS/CASH/ETC.

NOMINAL A/C - DEBIT ALL EXPENSES/LOSSES
CREDIT ALL INCOMES/GAINS

EG: EXPENSES/INCOMES/INTEREST/COMMISSION/SALARY/ETC.

please advice example of any single journal entry which include all 3 accounts i.e personal, real & Nominal a/c.

2294

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