What are the Golden rules of accounts? with an example?
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Answer / manoj chandra sharma
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 ? | 393 Yes | 18 No |
Answer / neeraj kumar soni
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 ? | 139 Yes | 4 No |
Answer / indrani .h.r.
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 ? | 97 Yes | 5 No |
Answer / narayanan gokuldoss
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 ? | 68 Yes | 2 No |
Answer / kumar
if the purchase made means the entry is
purchase a\c
to cash
| Is This Answer Correct ? | 55 Yes | 10 No |
Answer / anowar hossain
----------------------------------------------------
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 ? | 46 Yes | 16 No |
Answer / arthi
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 ? | 37 Yes | 15 No |
Answer / sandip kumar
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 ? | 32 Yes | 14 No |
Answer / osama.hunk@gmail.com
securites are treated as asset so its include in
personal a/c securites dr. to bank
| Is This Answer Correct ? | 19 Yes | 10 No |
Answer / karan singh
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 ? | 3 Yes | 0 No |
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