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What is the types of accounts & it's rules ?
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Answer Posted / chanda khan
1. Personal Accounts : Accounts of Persons,institutions
Like Employees ,Banks,Other Companies
" Debit the Receiver
Credit the Giver "
2. Real Accounts: All Assets are real accounts.
Like Furniture , Inventory
" Debit What comes in
Credit What goes out "
3. Nominal Accounts : All expenses,Losses, Income , Gains
" Debit all Expenses and losses
Credit all Income and gains"
personal a/c----debit is the reciver
credit is the giver
Real account
debit what comes in
credit what goes out
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