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if the accounting related to personal account then debit the receiver and credit the giver
if the accounting related to real account then debit what comes and credit what goes out
if the accounting related to nominal accounts then debit the expenses and cedit the income
Accounting stands on Concepts, Classification of Accounts, and rules to record a transaction
Accounts can be classified in to three, Real, Personal , Nominal;
Rule to account a transaction affecting real account is "Debit what Comes in , Credit what goes Out"
Personal account, Debit the receiver Credit the giver
Nominal Account, Debit Expenses and losses, Credit incomes gains
Three basic Accounting rules are:
Debit what comes in, credit what goes out
All expenses and losses are debited and income and gains are credited
Debit the reciever and credit the giver
