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Answer Posted / ashit kumar mallick
There is a 3 golden rules of accounting
1. PERSONAL ACCOUNT
2- IMPERSONAL ACCOUNT
Personal Account is divided 2 part that is called PERSONAL
ACCOUNT & REAL ACCOUNT
1 .Personal Account= Debit is the receiver Credit is the
giver
2 Real Account= Debit what comes in & Credit what goes out
IMPERSONAL ACCOUNT
Divided in 1 part that is called NOMINAL ACCOUNT
Nominal Account= Debit all expenses & losses Credit all
incomes & gains
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