ACCOUNTS

PERSONAL IMPERSONAL
Examples AN INDIVIDUAL
CUSTOMER/ DEBTOR/TR
SUPPLIER/CREDITOR/TP
A PARTNERSHIP FIRM REAL
A COMPANY CASH IN HAND
BANK PLANT & MACHINERY
CAPITAL LAND & BUILDING
DRAWINGS FIXTURES & FITTINGS
LOANS OFFICE EQUIPMENT
PREPAID EXP INVESTMENTS
ACCURED EXP PATENTS/GOODWILL
INCOME IN ADVANCE TRADE MARKS
INCOME ACCURED GOODS/ INVENTORY/STOCK

PURCHASES SALES RIW/SALES RETURN

ACCOUNTING RULES

PERSONAL REAL
DEBIT THE RECEIVER DEBIT WHAT COMES IN
CREDIT THE GIVER CREDIT WHAT GOES OUT
 NOMINAL
EXPENSES:- RENT,WAGES,INTEREST PAID
LOSSES:- BAD DEBTS,DISCOUNT ALLOWED
INCOMES:- COMMISSION RECEIVED,INTEREST RECEIVED
GAINS:- PROFIT ON SALES, DISCOUNT RECEIVED

ROW /PURCHASE RETURN CLOSING STOCK/INVENTORY

NOMINAL
DEBIT ALL EXPENSES & LOSSES
CREDIT ALL INCOMES & GAINS