Answer / komal bhardwaj

when we sell or provide any goods or service to our customer
or client.

Answer / aijaz

When business sells/provides goods or services for cash,
Cash A/c has to be debited because cash is coming in. Rule
of Real A/c : Debit what comes in.

When business occurs expenses/losses, it has to be debited.
Rule of Nominal A/c : Debit all expenses & losses.

When business sells/provides goods or services on credit,
the person/firm has to be debited as the person/firm is
receiving goods or services, so the the person/firm is
receiver. Rule of Personal A/c : Debit the receiver.

Answer / idrees ahmad

when we provide any service to our customer or client.

Answer / kannan

It's a personal account, that means we have to debit the receiver, it happens only at the time of purchase and service we received from them

Answer / n harini

When we provide any services to customer if any transaction
palace

Answer / deepak choudhary

as per the golden rules of accounting -personal account specifically states that debit is the receiver $ credit is the given which means if we sell any commodity or our services to any person then that person will be debited in our accounts as a receiver of that services...$ that person or party can also be termed as our "debtor"

Answer / priya

As per the accounting rule debit the receiver credit the giver so we receive goods n services from party then we gives dr. to the party a/c.

Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.

0 Answers  

hi m freshe working as a account assistance. i want know about accounts, what is balance sheet, profit & loss a/c, trail balance? why these are require to company? how can i know about full account work in tally? what should i do everyday? how to finalisation calculting? kindly explain please..

0 Answers  

i am a registerd Dealer in Delhi i have Purchase Some Capital goods can i take inpute vat banifit if yes pls spacifie.

2 Answers  

If A Company pays amount thru bank for a supplier deducting tds on behalf of B company. Accounting entries to be made in company A and B

1 Answers   Farmax,

In the General Ledger.. When putting discounts, you put discounts on the DR side for Creditors and Discounts on the CR for Debitors.. Which side does discount go on for the rest of the accounts such as Purchases, M Dog, L Shirt, and L Dress?

1 Answers  

why is the recocillation done?

2 Answers   Global Talent Track,

Home furniture sold goods to Jhon for 150000 on 10th march 2015, due to damage occured in transmit rs 20000 worth of goods have been returned on 16th march 2015. What is the journal entry for both the instances ?

2 Answers   NA,

what is purchase consideration?

1 Answers  

what is entry of loan & Advance given to Client Rs. 4 crore @ 3% per month for one year,Interest Recievable,Interest Recd.

2 Answers  

how to account salary advanced from petty cash

1 Answers  

company office interior work payment paid by MD on his personal account what is entry in company accounts book & md personal a/c book?

6 Answers  

What is the criteria to calculate GDP growth?

1 Answers