Double Entry System Question: Download Double Entry System PDF
What are the rules of double entry book keeping for various types of accounts?
Answer:
Following are the basic rules of double entry book keeping for various types of accounts:
-Personal Account : Debit the Receiver, Credit the Giver
-Real Account : Debit what comes in, Credit what goes out
-Nominal Account : Debit all the Expenses, Credit all the Incomes
-Personal Account : Debit the Receiver, Credit the Giver
-Real Account : Debit what comes in, Credit what goes out
-Nominal Account : Debit all the Expenses, Credit all the Incomes