Traditional concept of recording financial transactions

There are two concepts available for recording financial transactions. They are:

1. Traditional concepts
2. Modern concepts
Traditional concepts- Under this concept, transactions are recorded by classifying accounts into three accounts which are personal accounts, real accounts and nominal accounts. In personal accounts, the transactions relating to persons, firms, organization, etc. are recorded. It's examples are Ram account, debtor's account, creditor's account, Himalayan co. ltd account,etc. The rules of debit and credit for it are
debit: the receiver and credit: the giver.
In real accounts, transactions relating to assets or properties are recorded. It's examples are machinery account, goodwill account, furniture account, Cash account, Bank account, etc. The rules of debit and credit for it are
debit: what comes in and credit: what goes out.
In nominal accounts, transactions relating to expenses, incomes, losses or gains are recorded.It's examples are salary account, rent account, commission account, Wages account, etc.The rules of debit and credit for this account are
debit: all expenditures and losses and credit: all incomes and gains.