FORMULA of ACCOUNTANCY
Formula for
Personal Account
parties: 2
1= Receiver
2= Giver
"Debit The Receiver"
"Credit The Giver "
Real Account
Transactions : 2
1= Incoming of Assets
2= Outgoing of Assets
"What Comes in =Debit "
"What Goes Out =Credit "
Nominal Account
Transactions : 2
1= Incomes & Gains
2= Expenses & Loss
"All Expenses & Losses Are Debit "
"All Incomes & Gains Are Credit "
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