Golden rules of accounting
1. Personal account
Debit the receivers
Credit the givers
2. Real account
Debit those incoming
Credit those outgoing
3. Nominal account
Debit all expenses or loss
Credit all incomes or gains.
All accounting terms are based on above three golden rules.
Debit the receivers
Credit the givers
2. Real account
Debit those incoming
Credit those outgoing
3. Nominal account
Debit all expenses or loss
Credit all incomes or gains.
All accounting terms are based on above three golden rules.
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