What are the 3 Basic Rules in Accounting.
- 167 Answers
- 563012 Views
- AAA, ABC, Accenture, Amba Research, Birla Sun Life, CTS, CWDF, DELL, Franklin Templeton, iGate, IHP, JPMorgan Chase, Lexi Pens, Mastek, Trinity Technologies, VC Engineering, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / shashikala jm
Personal a/c
Debit the receiver of benefit
Credit the giver of benefit
Real or property a/c
Debit what comes in
Credit what goes out
Nominal or Fictitious a/c
Debit all expenses & losses
Credit all incomes & gains
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / dinesh
Real Accounts
Dr.What comes in
Cr. what goes out
Personal Accounts
Dr.the receiver
Cr.the giver
Nominal Accounts
Dr.loss and Expenses
Cr.Incomes and Gains
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mohammed abdul aleem
total ASSETS - LIABILITIES = CAPITAL
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mukesh verma
debit- the receiver
credit- the giver
losses and expense=debit
profit and income=credit
inward thing=debit
outward thing=credit
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ramesh
personal a/c :-
receive the debit----dr /1000
giver the credit---cr /1000
real a/c:-
what comes in debit----dr /2000
what goes out credit---cr /2000
nominal a/c:-
all loss and expense debit--dr/3000
all income and gain credit--cr/3000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / kishanlal mayaram kori
In case of Personal Account
like Vijay's, Kishan's
bank accounts etc.
1. Debit to receiver
Credit to giver
In case of Real account
like Machinery, Goodwill,
etc accounts
2. Debit what comes in
Credit what goes out
In case of Nominal account
like Profit or loss,
Expenses or gain..
3. Debit All Exp /Loss
Credit Income/Gain
Note : Above three are the
basic rules of Accounting.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / mohamed husaine
There are Three Basic Rules In Accounting
PERSONAL ACCOUNT:-
Debit The Receiver
Credit The Giver
NOMINAL ACCOUNT:-
Debit All Expenses And Loses
Credit All Incomes and Gains
REAL ACCOUNT:-
Debit What Comes In
Credit What Goes Out
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / kesavarao.k
1. Debit to receiver
Credit to giver
2. Debit what comes in
Credit what goes out
3. Debit All Exp /Loss
Credit Income/Gain
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / sharankumar
Real A/c : 1) Debit what comes in 2)Credit what goes out
Personal A/c: 1) Debit the receiver 2) Credit the giver
Nominal A/c: 1) Debit all expenses/loss 2) Credit all
income/gain
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / rathan(chennai)
Debit what comes in
Credit what goes out
Debit the Receiver
Credit the giver
Debit all Expenses and Gain
Credit all Incomes and loses
| Is This Answer Correct ? | 0 Yes | 0 No |
How Many Type's of Cheques? with explanation and Examples?
Tell me the steps for Import and Export Thanks
Data flow of Accounts payable to General ledger?
what is the meaning of bills payable and bills receivables?
23 Answers Genpact, Mona Lisa, PP, Scope International, TATA,
Please mention the procedure of Deducted TDS on Salary? If My Salary is Rs.250000/- PA. than how to deduct TDS on it?
what is tds rate 2009-10 for 1.contractors 2.commission 3.advertisement
What is semi variable expenditure and example?
EXPAND_________TIN
Tell me if the company wants to enhance thier business and incured the cost on other building (like Buliding Material, Iron and Others) so we will put it in to the expenses or i have to put it into the Fixed asset land and buildin by passing this entry Land and Building (Dr) Bank/Cash/Detors) (Cr) Thanks
Manju started business with Rs.10000?state whether the following transcation is business transcation or non business transcation?with reson?
give me only one transactions in both side (debit&credit) should be in real accounts
what is futures and options?
Audit 
