Answer / mahmmed rasheed

personal account,

debit the receiver
credit the giver

real account

debit what comes in
credit what goes out

nominal account,

debit all expenses and losses
credit all incomes and gains

since these three rules are essential to post entries.
thats why called as golden rules of accounting.

Answer / lakshmi

3 rules

real a/c

personala/c


nominala/c

Answer / vinay kumar . pagidikondala

The accounts are divided into two groups i.e.
$ Personal accounts
Debit is the receiver
Credit is the giver
Ex: Sundry creditors & Sundry debtors, etc
$ Impersonal accounts
== Real accounts
== Nominal accounts

Real accounts :
Debit is what comes in
Credit is what goes out
Ex:- Furniture, Land, Building, cash, etc

Nominal accounts :
Debit is all expenses and losses
Credit is all incomes and gains
Ex:- Salraies, intrest, etc

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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.

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