Answer Posted / swamy
1. Debits always equal credits
2. Increases do not necessarily equal decreases and,
3. Assets - liabilities = owner's equity (the accounting
equation).
and
There are three accounts
1. Personal
2. Real
3. Nominal
The three golden rules are
1. personal Account
Debit the receiver & Credit the giver
2. Real Account
Debit what comes in & credit what goes out
3. Nominal Account
Debit the expenses & Losses & Credit the Income & gain
Is This Answer Correct ? | 72 Yes | 14 No |
Post New Answer View All Answers
EXPAND___________LNG
what is meant by virus
what do Loan Loss Coverage Ratio mens describe it with examples?
what is cost audit?
how to prepare the balance sheet of private ltd. company & what roll should be play by Income tax, compnay law & accounting standard in India & world.
Expand-------BANT
What are Mortgage Payment Problems?
Dear All, Please reply ASAP. I have an account with SBI and ICICI bank. I have mention the Authorised bank address of SBI in our Shipping bill and GR. But we have received the Payments in ICICI Bank. Please inform who are able to realise the Bank Realisation Certificate (BRC)ICICI or SBI. Can SBI are quolify for refuse for BRC Application. Please reply of this query on jani_janikalpesh@yahoo.com regards Kalpesh Jani 9978912950
Please suggest the manual records needed to be maintained at NGO/CBO to record the transactions of accounts & inventory. Please also mention the need & purpose of each records/books
Expand---------BPCD
explain Dual entry concept
what is a depository?
how a fund flow statement benefit the individual, corporate?
What is the base for issuing of C-form date of sale or date of purchase since goods sent by one quarter ended may reach in next quarter.
what is meant by qurum