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What are the golder rules of Accounts ?
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Answer Posted / deepak
Actually, in whole world there are only 3 accounts
that is
1 Personal A/c : are those acs which are related to person
2 Real A/c: which are related things which we can touch,
see, but it doesnt have life eg: cash, car, bank, mobile
3 Nomainal A/c: which are those which we cannot see, but
we can feel but doesnt have life eg: commission,
discount,salary, rent etc.
for this there are rules which is called as golden rules of
accounts
Personal A/c : Debit the receiver
credit the giver
Real A/c: Debit what comes in
credit what goes out
Nominal A/c: Debit all expenses and losses
credit all incomes and gains
| Is This Answer Correct ? | 107 Yes | 7 No |
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