Tally Golden Rules

 

 

1.      Personal account:

      Personal account includes the account of persons with whom the business deals. The person classified the following ways.

a)      Natural person:

The natural person mention to name of individuals customers and             

Suppliers. E.g.: Ravi, Rams, Mala

b)     Artificial person:

Clubs, Banks, Companies, Firms, Co-Operative societies.

c)      Representative person:

The Accounts which represent a certain person or group of person.

For example, Rent outstanding represents the amount rent dues to 

the Land lord.

The Rules for the Personal Account are:

Debit the Receiver             Credit the Giver

 

 

 

2. Real Account:

      These are account of assets or properties. Real account includes tangible assets and also intangible assets.

      The rules of Real Account are:

Debit What Comes In                             Credit What Goes Out

 3. Nominal Account:

      These are the accounts of items which do not have any material existence. Accounts of expenses or loses and Income or gain comes under it.

      The rules of nominal Account are:

Debit all expenses and loses                         Credit all incomes and gain