Written on Nov, 13, 2011 by in | Leave a comment

To record the business transactions, first of all we have to create the account heads as per the nature of the transactions.  There is a golden rule in recording the business transactions that is:- one account is to be debited and other account is to be credited. According to the classification of accounts,  we follow the following golden rules for …

Written on Nov, 12, 2011 by in | Leave a comment

Keeping in view the different type of transactions in a business firm, the accounts can be classified into following three categories:- a) Personal Accounts:- All the transactions relating to any person, company and firm, are called personal accounts. For example proprietor’s capital account, bank accounts, insurance company’s account, customers account, suppliers account etc. Some time, similar type of transactions relating …


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