what are the golden rules for accounts payable?
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Answer Posted / ayush rungta
financial accounts is classified into three parts:
1. real account - all assets, bank, debtors, cash
2. personal account - all representative account
3. nominal account - all incomes gain loses expenses
golden rules to be applied on transactions;
1. real account - debit comes in credit goes out
2. personal account - debit the reciver credit the giver
3. nominal account - all expenses & loses r debited all
gain & incomes credited
note ; in some transactions golen rule is not applied
therefore mathematical rule is to be applied.
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