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t Golden Rules of Accounting, , i 1. Real Accounts 92 Personal Accounts, , i Debit :- 7 What comes in i The Receiver, i Credit :- FZ What goes out i The Giver, , i Applicable to :, This rule is, —> applicable to all, assets of the business, , Like:, Cash, , Land and Building, Plant and Machine, Furniture and Fixture, Trade marks., , Etc., , This rule is applicable, to Persons, artificial, persons and, representative persons, , Like:, > Aman, , Ram And Sons ., HAPPSS Store., Bank A/c (SBI), Outstanding Salary, Prepaid Expenses, Etc., , i 3. Nominal Accounts, i All Expense and Loss, , i All Income and Profit, , This rule is applicable, to all Expenses, Income, and Losses/Profits, Like:, Salary, , Wages, , Purchases, , Sales, , Commission Received, Etc., , Tutor’sTips.com