Question

Classify the following accounts into assesclassify the following accounts ainto assets labdi capital revenue and geain and expenses loss account

Answer 1

The clarification of accounts is as follows.

Golden Rules of Accounting

Personal Account.
Debit the Receiver, Credit the Giver.
Real Account.
Debit what comes in, Credit what goes out.
Nominal Account.
Debit all expenses and losses, Credit all incomes and gains.


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