Golden rules of commerce

THERE ARE THERE TYPES OF ACCOUNT :-

1. PERSONAL ACCOUNT

2. REAL ACCOUNT

3. NOMINAL ACCOUNT

*RULES*

1. PERSONAL ACCOUNT:-

         • DEBIT THE RECEIVER

         

         • CREDIT THE GIVER

( PERSONAL NAME , ARTIFICIAL NAME , 

  REPRESENTATIVE NAME) 

2. REAL ACCOUNT :- 

      

         • DEBIT WHAT COMES IN

     

         • CREDIT WHAT GOES OUT 

( ASSETS  & LIABILITIES ) 

3. NOMINAL ACCOUNT:-

          • DEBIT ALL EXPENSES AND LOSSES

          • CREDIT ALL INCOME AND GAINS