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Golden rules of accounting
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Answer Posted / dhanasekar & balaji
Real A/C : Dr. What come in
Cr. What goes out
Personal A/c: Debit the receiver (The person)
Credit the Giver (The person)
Nominal A/C : Dr. All expense & loss
Cr. All incomes & gains
Representative Personal A/C:
Deals with Accruals, Received in Advance, Outstandings,
etc....
Valuation A/C:
Deals with all provisions.
This is the way of professional accounting and auditing by
any CA/CWA/CS!
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