Golden rules of accounting
Answer Posted / kashif raza khan
REAL ACCOUNTS = DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS = DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
PERSONAL ACCOUNTS = DEBIT THE GIVER
CREDIT THE RECEIVER
Is This Answer Correct ? | 2 Yes | 1 No |
Post New Answer View All Answers
if we have credit 50 % rg23c part ii first and not credit next balance 50 % .when we have do?
what is payment method?How many payment method we can assign to company code.
how we could adj. the entries of prop. & firm in merging time
Please explain a Representative Personal Account.
Sir,I want to be good in accounting .Now i have got an oppurtunity to work in accounts department but i am average in accounts.So how can i improve and work with effiency guide me with ur tips.
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
WhatIs the limit of duty exemption in smal scale industries.
What is Free Cash?
How exchange rates are maintained in sap
how to do finalisation account ,pls tell me step by step ?
how to work on CMA form in manufacturing compay as well as how to analysis working capital ?
Short Answer on ______Amortization
Took goods from the shop for use at home? state whether the following transcation is business transcation or non business transaction? with reason?.
What is back value adjustment/correction in Nostro Reconciliations?
why funds management doc is generated during migo and miro