what is the golden rules of accounting
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Answer / ramesh meka
personal a/c:debit the reciver
credit the giver
Real a/c:Debit what comes in
credit what goes out
Nominal a/c:Debit all expenses and losess
credit all incomes and gains.
| Is This Answer Correct ? | 40 Yes | 0 No |
Answer / sudheer babu
real a/c:- debit what comes in
credit what goes out
personnel:- debit the receiver
credit the giver
nominal a/c:- debit all expenses and losses
credit all incomes and gains
| Is This Answer Correct ? | 15 Yes | 0 No |
Answer / hitesh kumar mandani
Personal A/c - Debit the Receiver Credit the Giver
Real A/c - Debit what comes in Credit what goes out
Nomunal A/c - Debit all expenses & losses credit all income
and gains
| Is This Answer Correct ? | 9 Yes | 0 No |
Answer / shantanu chakraborty
all assets,expenses,losses are debit
all liability,income,profit are credit
which comes in debit
which goes out credit
| Is This Answer Correct ? | 13 Yes | 7 No |
Answer / santu
personal a/c: debit the receiver, credit the giver.
real a/c: debit what comes in, credit what goes out.
nominal a/c:debit All expenses and Losses
credit All Gains and incomes
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / davood
Personal A/c: Dr - The Receiver of the benefit
Cr - The Giver of the Benefit
Real A/c: Dr - What comes in
Cr - What goes out
Nominal A/c : Dr - All expenses and Losses
Cr - All Gains and incomes
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / ganapathi k
personal account : debit the receiver, credit the giver.
nomial account : debit was comes in , credit was goes out.
| Is This Answer Correct ? | 10 Yes | 8 No |
Answer / santu
personal a/c: debit the receiver, credit the giver.
real a/c: debit what comes in, credit what goes out.
nominal a/c:debit all incomes and expenses,credit all loses
and gains
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / sudheer
real account:- debit what comes in
credit what goes out
personnal accout:- debit all expenses and losses
credit all incomes and gains
nominal account:- debit all expenses and losses
credit all incomes and gains
| Is This Answer Correct ? | 14 Yes | 20 No |
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1. During the current period, ABC Ltd sold 60,000 units of product at Rs. 30 per unit. At the beginning for the period, there were 10,000 units in inventory and ABC Ltd manufactured 50,000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Number of units Unit cost Rs. Rs. Beginning inventory: Direct materials 67,000 10,000 6.70 Direct labour 1,55,000 10,000 15.50 Variable factory overhead 18,000 10,000 1.80 Fixed factory overhead 20,000 10,000 2.00 Total 2,60,000 26.00 Current period costs: Direct materials 3,50,000 50,000 7.00 Direct labour 8,10,000 50,000 16.20 Variable factory overhead 90,000 50,000 1.80 Fixed factory overhead 1,00,000 50,000 2.00 Total 13,50,000 27.00 Selling and administrative expenses: Variable 65,000 Fixed 45,000 Total 1,10,000 Instructions: 1. Prepare an income statement based on the variable costing concept. 2. Prepare an income statement based on the absorption costing concept. 3. Give the reason for the difference in the amount of income from operations in 1 and 2.
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Audit 
