Archive | Rules of Debit and Credit

Approaches for Recording Debit and Credit of an Account

Read this article to learn about the two approaches for recording debit and credit of an account, i.e., (i) Traditional Approach and (ii) Modern Approach. 1. Traditional Approach: Traditional approach of debiting or crediting the account is based on classification. Under traditional approach, all ledger accounts can be classified into personal and impersonal accounts. Before […]

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