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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1903)
 Accounting General interview questions  Accounting General Interview Questions (2826)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4368)
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
 
if a company give salary Rs- 6000 and incentive Rs- 4000 julyy month then TDS will deduct by the company from employee account or not.   2
Can i purchase fuel like LNG against C-form under Haryana Vat Act   1
As I am an Individual person doing jobwork with a company name x. After doing jobwork I am going to sale the shoes in local market. Please tell what is the tax % I have to take. Whether 4% or 12.5%.   2
Briefly Explanation of Entry Tax when we pay the Entry Tax   1
what is the lat date of tds deposit for march 2009 ASSESSMENT YEAR 2009-10   5
If i want to pay less tax,which method of depriciation should be adopted?   4
we trf goods to our consignment against 'F' form in meerut and he returned some goods back to us plz. tell me should we have to issue a F form to them   1
Rules Ammended for issue of C form in 2009 Fortune 1
What is MAT?   1
WHAT IS THE FREQUENCY OF FILLING OF SERVICE TAX RETURN? Progressive 7
I am working in footwear company at Himachal Pradesh. we want to send raw material - (leather) for Job work our other branch. now my question is that will have we any permission taken from excise & sale tax deppt. ABC 1
waht is Entry Tax ? how to sett of vat?   1
 
For more Taxation Interview Questions Click Here 
 
 
 
 
 


   
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