GOLDEN RULES OF ACCOUNTING

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Question

GOLDEN RULES OF ACCOUNTING

Question Submitted By :: Dr. R.srinivasan

I also faced this Question!!

Rank

Answer Posted By

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 121

personal a/c dr. the receiver cr the giver real a/c dr
whats comes in cr whats goes out

Is This Answer Correct ?

0 Yes

2 No

Mayur Maharaj

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 122

To Start the a/c one should know this Golden Rule.

Golden Rule

Real A/c - Debit What Comes in
Credit What Goes out

Personal a/c - Debit the receiver
Credit the giver

Nominal A/c - Debit all expences and losses
Credit all income and gain.

If this rule is clear to any one he/she will never do
mistake in ledger and journal posting.

Is This Answer Correct ?

4 Yes

1 No

Raj Kumar Jha

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 123

personal account : dr the receiver
cr the giver.
Real account : dr what comes in
cr what goes out
Nominal account : dr all expencess and loss
cr all incomes and gains

Is This Answer Correct ?

0 Yes

1 No

Sandeep

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 124

REAL ACCOUNT DEBIT WHAT COMES IN
CREDIT WHAT GOES WHAT

NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES

PERSONAL ACCOUNTS DEBIT THE RECEIVER
CREDIT THE GIVER

Is This Answer Correct ?

0 Yes

1 No

Bhawesh Kumar

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 125

Golden Rules of Accounting

Personal Account : Debit the Receiver.
Credit the Giver.

Real Account : Debit What Comes In.
Credit What Goes Out.

Nominal Account : Debit all Expenses/Losses.
Credit all Incomes/Gains.

Is This Answer Correct ?

0 Yes

0 No

Harshal Mantri

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 126

Real Account
Personal Account
Nominal Account
Representative Personal Account
Valuation Accounting

Is This Answer Correct ?

2 Yes

1 No

P. Dhanasekar

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 127

GOLDEN RULES OF ACCOUNTING:
===========================
Real A/C : Dr. What come in
Cr. What goes out

Personal A/c: Debit the receiver (The person)
Credit the Giver (The person)

Nominal A/C : Dr. All expense & loss
Cr. All incomes & gains

Is This Answer Correct ?

1 Yes

2 No

Kanchan

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 128

Real A/C : Dr. What come in
Cr. What goes out

Personal A/c: Debit the receiver (The person)
Credit the Giver (The person)

Nominal A/C : Dr. All expense & loss
Cr. All incomes & gains

Representative Personal A/C:
Deals with Accruals, Received in Advance, Outstandings,
etc....

Valuation A/C:
Deals with all provisions.

This is the way of professional accounting and auditing by
any CA/CWA/CS!

Is This Answer Correct ?

0 Yes

1 No

Dhanasekar & Balaji

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 129

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 ?

1 Yes

1 No

Banibrata Patra

Re: GOLDEN RULES OF ACCOUNTING

Answer
# 130

personal account;debit is the receiver
credit is the giver

real account ;debit what comes in
credit what goes out

nominal account ;debit all expences&losses
credit all income and gains

Is This Answer Correct ?

1 Yes

1 No

Kalla Lakshmaiah

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