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Real Account is an account of Assets and Liabilities.
Debit what comes in
Credit what goes out
Nominal Account is an account of incomes or expenses.
Debit all expenses and losses
Credit all incomes and gains
Personal account is an account for individuals, firms, companies.
Debit the receiver
Credit the giver
PERSONAL A/C = DEBIT THE RECEIVER CREDIT THE GIVER, REAL A/C = DEBIT WHAT COMES IN CREDIT WHAT GOES OUT, NOMINAL A/C = DEBIT ALL EXPANSES AND LOSSES, CREDIT ALL INCOMES AND GAINS.
debit what comes in, credit what goes out
2. debit the receiver , credit the giver
1. debit what comes in, credit what goes out
2. debit the receiver , credit the giver
3. debit all expenses credit all income
