Question

what are the three rules of accounts​

Answer 1

Answer:

nahi pata answer please mare me

Answer 2

ANSWER :

According to English Approach or Traditional Approach of accounts classification, there are three accounts; namely Personal Account, Real Account and Nominal Account. The rules of debit and credit for this three accounts under English approach or traditional approach a term as Golden Rules of Debit and Credit.

❖ The three rules of accounts are :

[1] In case of Personal Accounts :-

• Debit : The Receiver of the benefit.

• Credit : The Giver of the benefit.

[2] In case of Real Accounts :-

• Debit : What comes in.

• Credit : What goes out.

[3] In case of Nominal Accounts :-

• Debit : All expenses and losses.

• Credit : All gains and incomes.