The golden rules of accounting revolve around debits and credits. Take a look at the three main rules of accounting:

1. TYPES OF ACCOUNTS

2. Accounts are divided into
three classes
1.REAL ACCOUNT
2.PERSONAL ACCOUNT
3.NOMINAL ACCOUNT

3. PERSONAL ACCOUNT
Accounts related to persons or group of persons.
Persons may be natural persons / artificial persons.
Eg: Sam’s A/c
AMA Bank A/c
Salaries Payable A/c
C&D Company Ltd A/c

4. RULE FOR PERSONAL A/C
DEBIT THE RECEIVER & CREDIT THE GIVER

5. REAL ACCOUNT
Accounts related to assets or properties.
They are classified as Tangible real a/c & Intangible real a/c
.

6. TANGIBLE REAL A/C
 Related to assets that has physical substance & can be touched.
Eg: Cash A/c, Furniture A/c, Machinery A/c, etc.
INTANGIBLE REAL A/C
 Related to assets which do not have any physical existence &
cannot be touched.
Eg: Goodwill A/c, Trademark A/c, etc

7. RULE FOR REAL A/C
DEBIT WHAT COMES IN & CREDIT WHAT GOES OUT

8. NOMINAL ACCOUNT
Accounts related to expenses & losses / incomes & gains.
Eg : Rent A/c, Commission A/c, Interest A/c, etc.

9. RULE FOR NOMINAL ACCOUNT
DEBIT ALL EXPENSES & LOSSES AND CREDIT ALL
INCOMES & GAINS