Golden Rule of account

TELLY

Monetary traction of Business is to be recorded in the book of account of account by the method of Double accounting system.

                                                Accounting ledger

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

Personal account	Real account	Nominal account
1.Person 2. Firm 3. Company Etc	1. Cash 2. Building 3. Furniture 4. Machinery etc	1. Expenses & losses 2. Income and gain

                              

                                                                  GOLDEN RULE    

Personal	Real	Nominal
1.       Debit the receiver 2.       Credit the Giver	1.       Debit what comes in 2.       Credit what goes out	3.       Debit All expense 4.       Credit all income & gain