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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (427)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1898)
 Accounting General interview questions  Accounting General Interview Questions (2808)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4359)
Question
What are the Golden rules of accounts? with an example?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
there are three types of golden rules apply in accounting:
1) for personal account such as ram a/c,etc
"DEBIT THE RECEIVER,CREDIT THE GIVER"
2) for real account which are related to assets
"DEBIT WHAT COMES IN,CREDIT WHAT GOES OUT"
3) for nominal account which are related to expense,income
"DEBIT ARE ALL EXPENSES AND LOSSES,CREDIT ARE ALL
INCOME AND GAIN"
 
Is This Answer Correct ?    351 Yes 16 No
Manoj Chandra Sharma
 
Answer
# 2
Real account-{Debit- what comes in}
{Credit-what goes out}

Nominal account-{Debit-all expenses and losses}
{Credit-all incomes and gains}

Personal account-{Debit-receiver}
{Credit-giver}
 
Is This Answer Correct ?    123 Yes 3 No
Neeraj Kumar Soni
 
 
 
Answer
# 3
THREE TYPES IN GOLDAN RULS OF ACCOUNTING. AS ARE FALLOWES,

1) REAL ACCOUNT :-
DEBIT WAHT COMES IN
CREDIT WHAT GOES OUT.

2) PERSONAL ACCOUNT :-
DEBIT THE RECEIVER
CREDIT THE GIVER .

3) NOMINAL ACCOUNT :-
DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND GAINS .

THESE THREE ACCOUNTS AS CALLED AS GOLDEN WORDS AND GOLDEN
RULES OF ACCOUNTS.
 
Is This Answer Correct ?    80 Yes 4 No
Indrani .h.r.
 
Answer
# 4
Personal Accounts : Debit the receiver
Credit the giver

Real Accounts : Debit what comes in
Credit what goes out

Nominal Accounts : Debit all expenses and losses
Credit all incomes gains
 
Is This Answer Correct ?    60 Yes 2 No
Narayanan Gokuldoss
 
Answer
# 5
if the purchase made means the entry is
purchase a\c
to cash
 
Is This Answer Correct ?    51 Yes 10 No
Kumar
 
Answer
# 6
----------------------------------------------------
Real account - "Debit- what comes in"
"Credit-what goes out"
Example : Cash, Building, Land etc.
----------------------------------------------------
Nominal account - "Debit-all expenses and losses"
"Credit-all incomes and gains"
Example : SBI, The univercity of Kolkata etc.
----------------------------------------------------
Personal account - "Debit-receiver"
"Credit-giver"
Example : Salaries, Interest, Recived, Paid etc.
----------------------------------------------------
 
Is This Answer Correct ?    42 Yes 15 No
Anowar Hossain
 
Answer
# 7
Personal A/c
Debit the receiver
Credit the giver
Nominal A/c:
Debit all incomes and losses
Credit all expenses and gains
Real A/C:
Debit what comes in
Credit what goes out
 
Is This Answer Correct ?    34 Yes 14 No
Arthi
 
Answer
# 8
trasaction:

Purchase shares of Rs. 10K and chq. issued.

Jrnl Entry:

Dont know, plz help me out. Actualy I want to know if any shares,mutual fund or govt. seq. purchased, then it comes under which account i.e real or nominal or personal???
friends plz help me
 
Is This Answer Correct ?    28 Yes 14 No
Sandip Kumar
 
Answer
# 9
securites are treated as asset so its include in
personal a/c securites dr. to bank
 
Is This Answer Correct ?    17 Yes 10 No
Osama.hunk@gmail.com
 
Answer
# 10
Real account - "Debit- what comes in"
"Credit-what goes out"
Example : Cash, Building, Land etc.
----------------------------------------------------
Nominal account - "Debit-all expenses and losses"
"Credit-all incomes and gains"
Example : Salaries, Interest, Recived, Paid etc -
-------------------------------------------
Personal account - "Debit-receiver"
"Credit-giver"
Example : .SBI, The univercity of Kolkata etc--------------
--------------------------------------
 
Is This Answer Correct ?    2 Yes 0 No
Karan Singh
 

 
 
 
Other Taxation Interview Questions
 
  Question Asked @ Answers
 
What is the due date for payment of service tax?   2
In the excise bill I have applied basic excise duty only. The excise duty of cess(2%) and Hcess (1%) is not applied. Is this correct???   1
please explain me in brifly how to file monthly TDS challan for a company? e.g. if i deduct tds from all various bills of contractor in a month so this all total tds amount credit towards tds account? Spectrum-Engineers 1
how to calculate sub contract tds his bill 48500? Capital-IQ 6
what is the SAT?   1
Definitions of paid up capital ,authorized capital ,issued capital ,share capital   1
When will capital gain araises?   2
A charted accountant has submitted a bill towards his professinal fees of Rs.330900.00 which includes service tax of Rs.30000, Edu cess Rs.600.00 and shec of Rs.300.00. Please suggest me how much TDS we will deduct from this bill.   7
what is the meaning of A/C 1, A/C 20, A/C 21, A/C 22 in PF   6
WHAT IS TCS & DIFFINATION   1
Suppose A, Delhi is selling material to B, Chhhattisgarh & B wants this material at Bhopal. A bills like sold to party B, Chhattisgarh & Ship to party C, Bhopal. Whereas C is a site office of B. In this case whiling billing A required TIN no of B & C or proving TIN no of B is enough? ABC 3
What is 43B in an Indian Taxation? GET-Engineering-Construction 2
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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