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Examples each for golden rules of accounting
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Golden Rules of Accounts
Personal Account Real Account Nominal Account
1. Personal Account :-
Debit -receiver
Credit- giver
2. Real Account :- Debit – What comes in
Credit – What goes out
3. Nominal Account :-Debit – All expenses and losses
Credit – All Incomes and gains
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / adapa.hemaseshasaithi
Salary is a kind of nominal a/c because it is an expense for the business concern and hence it is debited while recording in the books of accounts.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / chandrasekhar:k
1.personal account;
Debit the receiver
Credit the giver .
example:goods purchased form the ramu Rs.3000 .
Goods a/c Dr
TO Ramu a/c
{being goods purchased from ramu by credit purchases}
2.Real account:
Debit what comes
Credit what goes out
example:Buildings purchased for cash
Building a/c
To cash a/c
{being building purchased for cash }.
3.Nominal account:
Debit all expences and losses
Credit all incomes and gains
example:rent paid
Rent a/c
To cash
{being rent paid }
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / rupesh sharma
anyone can tell payable wages what type of account
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / monu
debit the reciever
credit the giver
debit what comes in
credit what goes out
debit all exp.and losses
credit all income and profit
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / adapa.hemaseshasaithi
payable wages which is also called as the outstanding wages is the representative personal a/c because it is representing that certain amount is payable to a person and it is the liability for the business concern. the journal entry for the payable wages is as follows:
wages a/c dr
To outstanding wages a/c it is shown on the liabilities side of the balance sheet.
| Is This Answer Correct ? | 0 Yes | 1 No |
Sanjay Ltd invited applications from the public for the issue of 10,000 equity shares of Rs. 10 each at a premium of 20%, payable Rs. 3 on application; Rs. 5 on allotment including premium and the balance in two calls of an equal amount. Applications for 15,000 equity shares were received. The directors allotted 10,000 shares to all the applicants on pro-rata basis adjusting the excess application money towards allotment. All money due on allotment and calls were received. Give journal entries to record the above transactions in the books of the company. Also show the balance sheet.
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