⟩ Explain the golden rules of accounting?
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
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 Receiver
Credit the giver