Tally

Classification of Accounts :

         Two type of account:1. Personal Accounts. 2. Impersonal accounts.
Personal Account related to any person, firm for e.g, A barun, Does&com.etc .

Impersonal account two type1. Real Account, 2. Nominal Accounts.
Real Accounts: Real Accounts related to properties and possessions like fixed assets,current assets for e. g. Cash building,plant & Machinery etc.
Nominal Accounts: Nominal accounts related to expenses and Income, losses and gains for e.g ,sales, purchase,salaries,wages,interest,depreciation,discount etc.

Golden Rules:

Personal Accounts: Debit the Receiver
                                    Credit the Fiver

Real Accounts: Debit what comes in
                            Credit what goes out.

Nominal Accounts: Debit all Expenses and Losses
                                     Credit all Income and gains.