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What are the golder rules of Accounts ?
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Answer Posted / sameer
Whichever Accounts is related to tangible thing, that is
which can we see is Real Account, i.e. Money, cheque, Assests
Which is related to People are personal Accounts and Lastly,
Nominal accounts are related to all other than the above,
electricity bill, other expenses, whichever comes in profit
and loss acounts.
Rules are
Real Account = Debit what comes in, Credit what goes out
Personal Account = Debit the receiver, Credit the giver
Nominal Account = Debit all expenses and Losses, Credit all
gains and Incomes.
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