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Q.4 Explain the classification of Account with example and Their Rule forrecording transaction. |
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Answer» ONG>Answer: All the above classified accounts have two golden rules of accounting each, one RELATED to Debit and one related to Credit for recording the transactions. Personal Accounts: Debit the Receiver and Credit the GIVER. ... Nominal Accounts: Debit all expenses and LOSSES and credit all income, REVENUE and gains |
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