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Golden rules of accounting
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Answer Posted / babul kumar singh
Accounting is mainly classified under three categories
which are below,and For each and every transaction
there will be two aspects,ie,. Debit and credit.
Nominal Accounting: Debit all Expenses and Losses
Credit all Incomes and Gains
(Its related to incomes and expenditure (both Direct &
Indirect))
Personal Accounting: Debit the Receiver
Credit the Giver
(Its is related to person, firm etc....................)
Real Accounting: Debit What comes in
Credit what goes out.
(Its related to goods, cash etc.......................)
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