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RULES OF DOUBLE ENTRY (OR) ACCOUNTING RULES

Normally, most of the organisations follow the double entry system of accounting. The rules of double entry are as follows.

(i) Personal Accounts

                            Rules : Debit the Receiver

Credit the giver 

(ii) Real or property Accounts

                         Rules : Debit what comes in

Credit what goes out.

 

(iii) Nominal Accounts

                      Rules : Debit all expenses and losses

Credit all incomes and gains.