Golden rules of accounting
Answers were Sorted based on User's Feedback
Answer / sachin
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
PERSONAL ACCOUNTS DEBIT THE RECEIVER
CREDIT THE GIVER
Is This Answer Correct ? | 6672 Yes | 605 No |
Answer / swapna
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
Is This Answer Correct ? | 3625 Yes | 298 No |
Answer / vishnu vardhan
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
PERSONAL ACCOUNTS DEBIT THE GIVER
CREDIT THE RECEIVER
Is This Answer Correct ? | 5744 Yes | 2864 No |
Answer / santosh
Accounting is mainly classified under three categories
which are below,
Nominal Accounting: Debit all Expenses and Losses
Credit all Incomes and Gains
Personal Accounting: Debit the Receiver
Credit the Giver
Real Accounting: Debit What comes in
Credit what goes out.
Is This Answer Correct ? | 1828 Yes | 263 No |
Answer / nageswara rao
Personel a/c : Debit the receiver
Credit the giver
Real a/c : What comes in Debit
What goes out Credit
Nominal a/c : Debit all Loss and Expenses
Credit all Incomes and gains.
Is This Answer Correct ? | 839 Yes | 176 No |
Answer / lucky
real a/c : debit what come in
credit what goes out
nominal a/c :debit all expenses & loses
credit all profit & gain
personal a/c :debit the recevier
credit the giver
Is This Answer Correct ? | 764 Yes | 166 No |
Answer / i a jude hentry
Personal A/c : Debit the receiver
Credit the giver
Real A/c : Debit what comes in
Credit what goes out
Nominal A/c : Debit Loss and Expense
Credit Profit and Gains
Is This Answer Correct ? | 717 Yes | 151 No |
Answer / raju malode
PERSONAL ACCOUNT : Debit the receiver
Credit the giver
(Its is related to peson, firm etc....................)
REAL ACCOUNT : Debit what comes in
Credit what goes out
(Its related to goods, cash etc.......................)
NOMINAL ACCOUNT : Debit all expenses and losses
Credit all incomes and gains
(Its related to incomes and expenditure (both Direct &
Indirect))
Is This Answer Correct ? | 394 Yes | 53 No |
Answer / ganesan jayaraman
Real Account : Debit what comes in
Credit What goes out
Personal Account: Debit the Receiver
Credit the Giver
Nominal Account: Debit all Expenses & Losses
Credit all Income & Gains
Is This Answer Correct ? | 378 Yes | 56 No |
Answer / sankar
Real account :Debit what comes in
Credit what goes out
Personal Account :Debit the receiver
Credit the giver
Nominal Account :Debit all expenses & Losses
Credit all Income & gains
Is This Answer Correct ? | 313 Yes | 57 No |
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From the following find out a. Profit Volume ratio b. Break even point c. Sales for 40% P/V Ratio d. Margin of safety from the sales Rs 3,00,000 e. Net profit from the sales of Rs 3,00,000 f. Required sales for the new profit of Rs 70,000 g. Required sales for the net profit of Rs 70,,000 after tax, the corporate income tax being 40% h. Additional sales required to convert an increase of Rs 3000 p.a. in the sales manager salary Sale 2,00,000 Variable Overheads 1,50,000 Profit 50000 Fixed overheads 15000 Net profit 35000 Sl No Heads of Account Debit Rs Credit Rs 1 Drawing and Capital 750 15,000 2 Stock as on 01.01.2009 69720 3 Bills Receivable and bills payable 1000 1180 4 Returns 300 320 5 Purchases and Sales 4500 8300 6 Wages 70 7 Discount 30 8 Salaries 200 9 Canara Bank Shares 3000 10 Insurance 120 11 Building 3000 12 Furniture 700 13 Debtors and Creditors 600 1300 14 Cash in Hand 470 15 Overdraft at bank 900