What are the 3 Basic Rules in Accounting.
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Answer / visheshwer pratap singh
there are mainly 2 types of a/c
1 - PERSONAL A/C
2- IMPERSONAL A/C
1- personal a/c-
debit the reciever & credit the giver
2-IMPERSONAL A/C- there are two types of a/c
[A] real a/c-
debit what comes in & credit what goes out
[B] nominal a/c-
debit all losses and exp. & credit all incoms and
gains
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Answer / s.anandhan
real account
nominal account
personal account
Is This Answer Correct ? | 2 Yes | 1 No |
Answer / rikesh
Personal Account :
Debit : The Receiver
Credit : The Giver
Real Account :
Debit : What comes in
Credit: What goes out
Nominal Account :
Debit : The Expenses OR loss
Credit : The Income OR profit.
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Answer / jaga
Personal:-
By The recevier a/c Dr
To The giver a/c Cr
Real:-
By What ever comes in a/c Dr
To What ever goes out a/c Cr
Nominal:-
By All expenses & losses a/c Dr
To All incomes & gains a/c Cr
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Answer / hari jhanwar
1. Persnaol A/c Rule
Debit to receiver and Credit to giver.
2. Non-personal A/c rule
Debie to comes in and Credit to gose out.
3. Income & Expenditure A/c Rule
All Exp. and loss debited and All incone & profit
Credited.
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Answer / hamza
Rule 1: Total asset= Total liab + owner's Equity
Rule 2: Debit: all exp & loss
Credit: all income & gain
Rule 3: Total of debit side = Total of credit side
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Answer / saranya
3 accounts are there...
1.real account
2.nominal account
3.personal account
1.Real account
debit what comes in and credit what goes out
2.nominal account
debit all expenses and losse , credit all incomes and gains
3.personal account
debit the receiver and credit the giver
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Answer / julietmary antony
THREE TYPES OF ACCOUNTS :
1) PERSONAL A/C
"DEBIT THE RECEIVER
CREDIT THE GIVER"
2)REAL A/C
"DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT"
3)NOMINAL A/C
"DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOME AND GAINS"
(THESE ARE GOLDEN RULES OF ACCOUNTING)
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Answer / preeti
1) Personal Accounts-:
Debit the receivers & credit the givers.
ex: Aditya sold a washing machine to Ram for RS 8000.Then journel entery
will be-
RAM a/c Dr 500
to
Aditya a/c Cr 500
2) Real A/Cs-:
Debit what comes in & credit what goes out.
Ex: Ram sold furniture for cash in Rs 1o,000. Then journel entry will be
Cash A/C Dr 10,000
to
Furniture A/C Cr 10,000
3) Nominal A/Cs-:
Debit the all expenses & losses & Credit all incomes & gains.
Ex: Sita purchased a purse for Rs 500
Cash A/C Dr 500
to
Purse A/C Cr 500
Is This Answer Correct ? | 2 Yes | 1 No |
Answer / manish kumar shukla
PERSONAL ACCOUNT:- DEBIT THE RECEIVER AND
CREDIT THE GIVER.
REAL ACCOUNT :- DEBIT WHAT COMES IN AND
CREDIT WHAT GOES OUT.
NOMINAL ACCOUNT :- ALL EXPENSES OR LOSSES ARE DEBITED
AND ALL THE INCOMES AND GAINES
ARE CREDITED
Is This Answer Correct ? | 1 Yes | 0 No |
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