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What are the 3 Basic Rules in Accounting.
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Answer Posted / kishanlal mayaram kori
In case of Personal Account
like Vijay's, Kishan's
bank accounts etc.
1. Debit to receiver
Credit to giver
In case of Real account
like Machinery, Goodwill,
etc accounts
2. Debit what comes in
Credit what goes out
In case of Nominal account
like Profit or loss,
Expenses or gain..
3. Debit All Exp /Loss
Credit Income/Gain
Note : Above three are the
basic rules of Accounting.
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