What are the 3 Basic Rules in Accounting.
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Answer / marta
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
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / gaurav bhardwaj
Personal A/c
- Debit the Receiver
- Credit the Giver
Reeal A/c
- Debit what Comes In
- Credit what Goes Out
Nominal A/c
- Debit all Expenses and Losses
- Credit all Income and Gains
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ashwini c
1 personal account
debit the receiver
credit the giver
2 nominal account
all the expenses and losses debit
all the income and gains also credited
3 real account
what comes in debit
what goes in credit
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / mahalakshmi.r
personal A/c : " Debit the receiver
credi the giver"
Real A/c : "Debit what comes into the business
credit what goes out of business"
Nominal A/c : " debit the expenses or losses
credit the incomes or gains"
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / javed
small diagram u can draw on ur page
A L P R E
dr + - - - +
cr - + + + -
A(asset)
l(liability)
p(propritership)
r(revenue,icome)
e(expense)
so increase in asset become debit
decrease in assent become crerdt...and so on
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mangesh paple
1)Personal A/C
Debit the receiver
Credit the giver
2)Nominal A/C
Debit all expenses and losses
Credit all income and gains
3)Real A/C
Debit whats comes in
Credit whats goes out
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / shivaraj
Real A/C
Debit : What comes in
Credit :what goes out
Personal A/C
Debit : Receiver
Credit : Giver
Nominal A/C
Debit : All Expenses & Losess
Credit : All incones and gains
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / krishna r
Real A/c
Debit what comes in
Credit what goes out
Nominal A/c
Debit all expenses and losses
Credit all incomes and gains
Personal A/c
Debit the Giver
Cerdit the Receiver
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ambrose massey
PERSONAL A/C : These accounts deal with transactions
relating to persons or an organization.It can be classified
as
1- Natural Persons : Mr.A Massey,Triveni & sons, etc
2- Artificial Persons : SBI, ITC Ltd, Royal calcutta golf
club etc.
3- Representative persons : Outstandig persons,Prepaid
Salary etc
REAL A/C : It is an accounts relating to assets and
properties.
Eg: Land,Machinery,Building,Plant,Cash,Bank,Stock,etc
NOMINAL A/C : It is an accounts relating to
expenses,losses, income and gain.
Eg: sales, purchase, salary, wages, rent, enterest, etc
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / rakesh kanti
debit the recevier and credit the giver
debit what comes in and credit what goes out
debit all expenses and losses and credit all income and
gain.
| Is This Answer Correct ? | 0 Yes | 0 No |
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