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Types of accounts_and_rules_for_accounting
- 1. TYPES OF ACCOUNTS AND RULES FOR ACCOUNTING Contact: asand343@gmail.com
- 2. 1) Personal Account:- • Natural Persons • Artificial Persons • Representative Persons The person receiving something is given debit The person giving something is given credit.
- 3. 2) Real Account:- • Goods • Assets Assets entering the business is given debit Assets leaving the business is given credit.
- 4. 3) Nominal Account:- • Expenses and Losses • Incomes and Profits Accounts of expenses and losses are debited Accounts of incomes and profits are credited.
- 6. Rules of Double Entry System Accounts Rules Personal • Debit the receiver • Credit the giver Real • Debit what comes in • Credit what goes out Nominal • Debit all expenses and losses • Credit all incomes and gains
- 7. Debit Receiver Personal Account Credit Giver Debit What comes in Real Account Credit What goes out Debit Expenses & Losses Nominal Account Credit Incomes & Gains Contact: asand343@gmail.com