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what is the golden rule of accounting.
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Answer / amith dsilva
Debit the reciver, Credit the Giver
Debit all expenses, Credit all incomes
Debit what comes in credit what goes out
| Is This Answer Correct ? | 52 Yes | 2 No |
Answer / sunil shenoy
Personal a/c- Debit the receiver of benefit, Credit the
giver of benefit.
Real a/c- Debit what comes in, Credit what goes out.
Nominal a/c- Debit all expenses and losses, Credit all
incomes and gains.
| Is This Answer Correct ? | 18 Yes | 0 No |
Answer / ramakrishnareddy
personal a/c: 1.Debit the receiver of benifits
2.credit the giver of benifits
Real a/c : 1.Debit what comes in(like assets or money)
: 2.Credit what goes out( --do-- )
Nominal a/c : 1.Debit all expenses &losses(bad debts)
: 2.Credit all incomes & gains (prepaid income)
| Is This Answer Correct ? | 1 Yes | 2 No |
Answer / yoegsh
PERSONAL A/C: 1.DEBIT THE RECEIVER OF BENIFITS
2.CREDIT THE GIVER OF BENIFITS
REAL A/C : 1.DEBIT WHAT COMES IN(LIKE ASSETS OR MONEY)
: 2.CREDIT WHAT GOES OUT( --DO-- )
NOMINAL A/C : 1.DEBIT ALL EXPENSES &LOSSES(BAD DEBTS)
: 2.CREDIT ALL INCOMES & GAINS (PREPAID INCOME)
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / rajca.jaiswal
accounting rule on which we have to pass journal entries in
the book of accounts.
| Is This Answer Correct ? | 8 Yes | 22 No |
What Kind Of Requirements for Vat Refund And Assessment Cases
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Rent Paid Rs.12000/- (which is included for the whole year i.e Jan to Dec) and they have asked me to give Journal Entry for the Entry for the Month of Jan, Feb and March
34 Answers Accenture, Genpact, Mercer,
where we have file E-returns in SAP FICO-CIN/Wtax?
Q13. Journalise the following transactions: Proprietor withdrew for private use Rs.4000/- from bank and 6000/- cash. Goods Costing Rs.5000 was burnt by fire. Purchase Machinery for cash Rs.150000/- and paid Rs.2000/- on its Installation. Charge 5% Depreciation on building costing Rs.200000/- and 8% Depreciation on Furniture costing Rs.5000/-. Prepaid Salary Rs2000/- Kapil who owed us Rs20000/- become insolvent and nothing is received from his estate.
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
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