Interested to Buy Any Domain ? << Click Here >> for more details...
Examples each for golden rules of accounting
- 31 Answers
- 199866 Views
- ABC, Accenture, BSNL, DELL, General Insurance Corporation, Genpact, IBM, Microsoft, Wipro, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
What is RETURN OF ROC
What are its characteristic features of financial accounting?
What is negative goodwill?
Hi Everybody, Can anybody tell me how to create ledger in Peachtree Accounting software, means there are some Code, which Codes Comes under which ledger Account.your prompt Answer will be highly appreciated, Thanks & regards, Khan
X is multiplied with 10 or divide with 10 then he will get 100. then x=?. (Praveen MBA)
how to applicable esi what is the rate of percentage i am getting Rs. 15000/- gross salary and how much amount will deduct esi from my salary
ABC LTD PURCHASE GOODS FROM XYZ LTD OF Rs.400000/- BUT DURING THE TRANSPORTATION ALL GOODS ARE DESTROYED.ACCORDING TO AGREEMENT INSURENSE CO. PAID 75% OF DESTROYED GOODS TO SELLER. WHAT WILL BE JOURNAL IN BOTH PERSON ACCOUNT.
Wages posted twice what is the entry for that?
What is the accounting entries for future dated payment method
how will you adjust voluntary seperation payment in cash flow statement
What would be the TDS Payment entry after deducting TDS using TDS helper?
Wha is difference between expenses and expenditure
Audit 
