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Base of Accounts.

Mohamed Fatin Nizami
24/05/2017 0 0

The entire framework of accounts works on just three golden rules.

  1. For Real account: Debit what comes in and Credit what goes out.
  2. For Personal account: Debit the receiver and Credit the giver.
  3. 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.

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