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LOG
19/10/2017
rules
1)Personal a/c
debit the reciever credit the giver
Means a person who is giving or saling the goods will be credit
ND a person who is receiving the same will be debit
2)Real a/c

In accounting we use real account for cash related transaction

Debit what comes in and credit what goes out

3)It belongs to nominal a/c

Which belongs to all intangible things
And all things related to our all expenses and incomes
Debit all expenses and losses, credit all incomes and gains
11:09 PM 10/20/2017
assets and liablities
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Assets are things which is properly our property
Like machinery in the firm
10:21 PM 10/21/2017
ND liabilities means our payables
Which we have to pay
Example for assets in a running business our assets will be machinery
And of liability example is if we purchase anything on credit then it means we have
to pay it in future so we will say, it is our liability