Editing Double-entry bookkeeping (section)

===Traditional approach===
Following the Traditional Approach (also called the British Approach) accounts are classified as real, personal, and nominal accounts.<ref name="V.2011">{{cite book|author=Rajasekaran V.|title=Financial Accounting|url=https://books.google.com/books?id=qP3XNPoLO7wC&pg=PA54|date=1 September 2011|publisher=Pearson Education India|isbn=978-81-317-3180-2|page=54}}</ref> Real accounts are accounts relating to assets both tangible and intangible in nature. Personal accounts are accounts relating to persons or organisations with whom the business has transactions and will mainly consist of accounts of debtors and creditors. Nominal accounts are accounts relating to revenue, expenses, gains, and losses. Transactions are entered in the books of accounts by applying the following golden rules of accounting:
# Real account: Debit what comes in and credit what goes out.
# Personal account: Debit the receiver and credit the giver.
# Nominal account: Debit all expenses & losses and credit all incomes & gains<ref name="nadu">{{cite book|title=Accountancy: Higher Secondary First Year|year=2004|publisher=Tamil Nadu Textbooks Corporation|pages=28–34|url=http://www.textbooksonline.tn.nic.in/Books/11/Std11-Acct-EM.pdf|edition=First|access-date=12 July 2011|archive-url=https://web.archive.org/web/20110904222614/http://www.textbooksonline.tn.nic.in/Books/11/Std11-Acct-EM.pdf|archive-date=4 September 2011|url-status=dead}}</ref><ref name="Hyans1916">{{cite book|author=Edward M. Hyans|title=Theory of accounts for accountant students|url=https://books.google.com/books?id=Wkk-AAAAYAAJ&pg=PA17|year=1916|publisher=Universal Business Institute, Inc.|page=17}}</ref>