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Accountancy - Accounting rules | 11th Accountancy : Books of Prime Entry

Chapter: 11th Accountancy : Books of Prime Entry

Accounting rules

Classify the following into personal, real and nominal accounts.

Accounting rules

All the above classified accounts have two rules each, one related to debit and another related to credit for recording the transactions which are termed as golden rules of accounting or rules of double entry system.



Illustration 7

Classify the following into personal, real and nominal accounts.

(a) Capital

(b) Building

(c) Carriage inwards

(d) Cash

(e) Commission received

(f) Bank

(g) Purchases

(h) Chandru

(i) Outstanding wages

Solution




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