Question

1. Explain debit and credit rule of Traditional
Approach.​

Answer 1

Answer:

In the case of real accounts, the rule is “debit what comes in and credit what goes out”. III. Nominal Accounts: 'Debit All Losses and Expenses & Credit All Incomes and gains'. In the case of nominal accounts, the rule is “debit all losses and expenses & credit all income and gains”

Explanation:

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