Explain the journal entries of bills receivable , payable , bills sent for collection ? Also explain with the 3 golden rules rules of accounting
Rules as per Traditional Classification of Accounts
For Real Accounts (Assets- Tangibles and Intangibles): Debit what comes in and Credit what goes Out.
For Personal Accounts (Debtors, Creditors): Debit the Receiver and Credit the Giver.
For Nominal Accounts (Expenses and Incomes): Debit all expenses and losses, Credit all incomes and gains.
Hope this clarifies your doubt!