0The entire framework of accounts works on just three golden rules.
- For Real account: Debit what comes in and Credit what goes out.
- For Personal account: Debit the receiver and Credit the giver.
- For Nominal Account: Debit all expenses and losses and Credit all incomes, gains and profits.
To be a pro in accounting, these golden rules should be understood crystal clear. They must be on your fingertips and once you master them, I am sure no problem in accounting either for examination or in practical application will be a trouble for you.
Master the base and you will be able to create wonders out of it.
Good luck to all the young minds here.
