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What are The Golden Rules Of Accounting?

The golden rules of accounting help in documenting the financial transactions in ledgers. These golden rules are based on the type of account. Each transaction will have a debit and credit entry and belong to one of the following three types of accounts:

Real Account: Debit what comes in, Credit what goes out

Nominal Account: Debit all expenses and losses, credit all incomes and gains

Personal Account: Debit the giver, Credit the received



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