What is double entry bookkeeping and what are its rules?
Double entry bookkeeping follows the principle by which every debit has a corresponding credit due to which the value of the debit is equal to the total of all credits. This simply means that when one account is debited at the same time another account is credited by the similar account.
Rules followed :
* In the case of personal account: debit the receiver and credit the giver
* In the case of real account: debit is what comes in and credit is what goes out
* In the case of nominal account: debit all the expenses and credit all the incomes
