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Examples each for golden rules of accounting
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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 ? | 1521 Yes | 59 No |
Answer / sunil jadhav
Salary of the employeeis not real a/c nor personal a/c it
is nominal a/c.
| Is This Answer Correct ? | 947 Yes | 97 No |
Answer / sridhar k
1. Personal Account
Sundry Creditors A/c Dr.
To Cash/Bank A/c
( Payment for Purchase of Goods )
2. Real Account
Cash A/c Dr
To Bank A/c
( Cash Withdrawn from Bank )
3. Nominal Account
Printing & Stationery A/c Dr.
To Cash/ Bank A/c
( Purchase of Stationery Items )
| Is This Answer Correct ? | 785 Yes | 96 No |
Answer / venkatesan
Personal Account:- It is individual account
Real Account:- It is business using for asset purchase
Nominal Account: It is Rent, salary paid of exp. and
advance received
| Is This Answer Correct ? | 597 Yes | 39 No |
Answer / megharaaj
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 ? | 486 Yes | 33 No |
Answer / peyus
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 ? | 343 Yes | 29 No |
Answer / jayashree durga prasad
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 ? | 265 Yes | 29 No |
Answer / sangeetha g
Dear All,
Anyone can tell Salary what type of account? Real or
Personal a/c?
| Is This Answer Correct ? | 348 Yes | 263 No |
example wrongly financial statments showing vat refund (under Advances) for the finanical year 08-09 , but present assement year after assement by cto given vat refund more than ledger showing balance then decided to every month set off vat payable to vat refund(advance) but more than recoverd compare with company and cto then what is the entry to be take.
From the following particulars taken on 31 December, 1995, you are required to prepare a bank reconciliation statement to reconcile the bank balance shown in the Cash Book with that shown in the Pass Book: (i) Balance as per Pass Book on 31 December, 1995, O/D Rs 1,027. (ii) Four cheques drawn on 31 December but not cleared till January are as follows: Rs 12; Rs 1,021; Rs 98; and Rs 113. (iii) Interest on O/D not entered in Cash Book Rs 51. (iv) Three cheques received on 30 December and entered in the bank column of the Cash Book but not lodged in bank for collection till 3 January next: Rs 1,160; Rs 2,100; and Rs 2,080. (v) Cost of cheque book, Pass Book, etc; Rs 1.50 entered twice erroneously in Cash Book in November. (vi) A Bill Receivable for Rs 250 due on 29 December, 1995 was passed to the bank for collection on 28 December, 1990 and was entered in Cash Book forthwith whereas the proceeds were credited in the Pass Book only in January following. (vii) Chamber of Commerce subscription Rs 10 paid by bank on 1 December, 1990 had not been entered in the Cash Book. (viii) Bank charges of Rs 5 had been debited in the pass book twice erroneously. . . . plz be fast
sir if we make purchase and sale for the same pary for the same amount what adjusting entry have to be passed to close that entry in tally. while taking bill wise details we can see the dr. cr.and have to cancell that
Please give me a suggession to calculate the T.D.S,E.S.I,P.F, From salary which is in gross Rs. 15000/.
What is accounting normalization?
WHETHER CAPITAL RESERVE CREATED OUT OF SALE OF FIXED ASSETS OVER AND ABOVE THE COST BE TRANSFERED TO PROFIT AND LOSS ACCOUNT
whtat is suspenses account
withdrew cash for domestic use ?
WHAT IS THE VAT/CST RATE FOR PURCHASING COMPUTER/PHERIPHERALS FROM GUJARAT AGAINST C FORM, FOR DIU (UNION TERRITORY) AND WHAT RATE OF VAT/CST I HAVE TO PAY IN DIU FOR SALE.
How Many Accounting Principale
what is bills payable and bills receivable?
What is suspence a\c? why it should not transferred to the balance sheet?
Audit 
