Examples each for golden rules of accounting
Answers were Sorted based on User's Feedback
Answer / anagha bavikar
PERSONAL ACCOUNT:
Debit the recevier
Credit the giver.
EXAMPLE:
Sundry Creditors A/C DR
To Cash/Bank A/C
REAL ACCOUNT:
Debit what comes in
Credit what goes out
EXAMPLE:
Cash A/C DR
To Bank A/C
NOMINAL ACCOUNT:
Debit all expenses or losses
Credit all incomes or gains
EXAMPLE:
printing & Stationery A/C DR
To Cash / Bank A/C
Is This Answer Correct ? | 51 Yes | 0 No |
Answer / jitendra more
PERSONAL ACCOUNT
DEBIT : THE RECEVIER (S.Creditor, Party)
CEDIT : THE GIVER (Cash or Bank)
REAL ACCOUNT
DEBIT : WHAT COMES IN (Cash/Cheque, Purchases, Receipts)
CREDIT : WHAT GOES OUT (Payments, Cash/Cheque, Sales)
NOMINAL ACCOUNT
DEBIT : EXPENES OR LOSS (Salary,commission,rent,etc)
CREDIT : INCOME OR GAINS (Interest recieved,commission
received, royalty received, etc)
Is This Answer Correct ? | 41 Yes | 2 No |
Answer / dinesh kumar
1) PERSONAL ACCOUNT
DEBIT THE RECEIVER (S.Creditor, Party)
CREDIT THE GIVER (Cash or Bank)
2) REAL ACCOUNT
DEBIT WHAT COMES IN - (Cash/Cheque, Purchases, Receipts)
CREDIT WHAT GOES OUT - (Payments, Cash/Cheque, Sales)
3) NOMINAL ACCOUNT
DEBIT ALL EXPENSE AND LOSS -(Salary,commission,rent,etc)
CREDIT ALL INCOME AND GAINS - (Interest recieved,
commission received, royalty received, etc)
Is This Answer Correct ? | 33 Yes | 0 No |
Answer / vikash mishra
PERSONAL ACCOUNT
DEBIT : THE RECEVIER
CEDIT : THE GIVER
REAL ACCOUNT
DEBIT : WHAT COMES IN
CREDIT : WHAT GOES OUT
NOMINAL ACCOUNT
DEBIT : EXPENES OR LOSS
CREDIT : INCOME OR GAINS
Is This Answer Correct ? | 33 Yes | 1 No |
Answer / n.pragatheeswaran
Used Golden Rules for depreciation
1. Depreciation A/c Dr = Rs:1000 ( Nominal A/c -Expenses & loss
Machinery A/c Cr = 200 ( Real A/c )
Furniture A/c Cr = 200 ( Real A/c )
Computer A/c Cr = 600 ( Real A/c )
Is This Answer Correct ? | 27 Yes | 1 No |
Answer / d.s.bhavana
no no both are wrong.the salary is nominal account
Is This Answer Correct ? | 16 Yes | 0 No |
Answer / venkatayya
A. Personal a/c: Debit the receiver
Credit the giver
B. Real a/c: Debit what comes in
Credit what goes out
C. Nominal a/c: Debit all expenses and losses
Credit all gains and incomes
Is This Answer Correct ? | 15 Yes | 0 No |
how to pass an entry for expenditure by deducting tds for customer
What is the meaning of Decommissioning liability, explain in which serious we will use?
what diff, between companay balance sheet and indivisual balance sheet?
Is push down accounting accepted under generally accepted accounting standards?
What is purchasing order?
what do you mean by derivative ?
WHAT IS SHARE OPTION OUTSTANDING ACCOUNT??
1 Answers National Institute of Food Technology Entrepreneurship and Management NIFTEM,
We have bought a vehicle amounting and take a loan from bank and some part has been paid by Cash.
What methods do you use to discover sales opportunities?
what are the diffrances between rules of accounting & principal of account?
please tell me the 'R2R' interview questions and answers ?
1 Answers Accenture, Dr Reddys,
How is the accounting for lease transactions done?