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what are the basic 3 rules of accounting

Answer Posted / arvind

There are two types of accounts

1. personal accounts: DR-the Rec,
CR-the giver.

2. Impersonal accounts.

2.1 Real A/C: DR-what comes in,
CR- what goes out.

2.2 Nominal A/C:DR- All expenses & losses,
CR- All gains& incomes.

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