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Answer Posted / ca.zishan ali
RULES:
Accountancy contains major three kinds of account area or
accounts
1) Personal A/C- it contains the accounts of either
of specific area or any specific person/company also
applicable in government sector. The examples are as
follows Mr. Xing A/c is under personal A/c because its an
account of an specific person or in other words it may be
called sole proprietorship account other is Bank of Baroda,
Gujarat Governance service, Gujarat Infosys etc all are
company accounts.
“Rule for debit and credit transaction applicable in
journal entry as well as all other accounting fields”
Debit—The receiver/what comes in
Credit—The giver/what goes out/who donates or pay to
other.
2) Real A/C- The stocks either goods in business
which are kept with an intension to earn from them are
called goods. In business there are many goods accounts
such as sales A/c, Purchase A/c, purchase return/sales
return etc… all these are effected in Real accounts
“Rule for Debit and Credit”
Debit—What comes in
Credit—What goes out
3) Nominal A/c- This account is for other expenses of
business and various direct and indirect incomes/expenses
of business. Some examples are profit and loss of the
business,travelling expenses of business, Goods burnt/gone
by fire/theft, Advertisement expenses, Legal expenses,
Commission given/received etc all such kind of entry of
business is recorded in nominal A/c.
“Rule for debit and credit”
Debit—All expenses and losses of business/during
transactions or dealings
Credit—All incomes of business earned from profit or during
transactions or on dealing
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