Golden rules of accounting
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Answer / b.mohamed hanifa
REAL A/C :DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
PERSONAL A/C :DEBIT THE RECIVER
CREDIT THE GIVER
NOMINAL A/C :DEBIT ALL EXPANSES AND LOSSES
CREDIT ALL INCOME AND GAIN
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / k anantha babu
Golden Rules of Accounting
Personal Account Debit the Receiver
Credit the Giver
Real Account Debit What Comes In
Credit What Goes Out
Nominal Account Debit all Expenses and Losses
Credit all Incomes and Gains
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / uday mandal
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
PERSONAL ACCOUNTS DEBIT THE GIVER
CREDIT THE RECEIVER
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / milind sawant
there are 4 Golden Rules of accounting
1 personel * debit the receiver
* credit the giver
2 real * debit what comes in
* credit what goes out
3 nominal * debit all expences and losses ex discount
recieved,commission received
* credit all incomes and gains ex salary,
rent,advertisment,
4 personel representive a/c
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / prashant
Real A/c :- Dr. What come in
Cr. What goes Out
Example Purchases & Sales
Personal A/c :- Dr. the giver
Cr. The Receiver
Example Bank a/c. Mr. A A/c
Nominal A/c :- Dr. All expenses & losses
Cr.All Income & gains
Example Salary A/c , Bad Debts A/c,Discount Received A/c
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / shrikrishan shahani
in my own words
shrikrishan1990world@gmail.com
9466284356
the three golden rules of accounting
► In given below examples of personal accounts we use
the rule………
“Debit the receiver and credit the giver”.
▓ In natural personal accounts we include:-
Any person name;
Capital account;
Drawing account;
Debtors account;
Creditors account etc.
▓ Artificial personal account is not an actual person but
these are treated as personal account:-
Like ……..
Bank account;
Organization, companies account etc.
▓ Representative personal account:-
Outstanding salary due to staff;
Prepaid expenses;
Accrued income;
Unearned income etc.
► Real account which is calculated as amount
“Debit what come in and credit what goes out.”
Real account has to types: 1 Tangible;
2
Intangible.
► All accounts of business income and expenses are
called nominal account:
"Debit all expenses and losses and credit all income and
gains”
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ajeet shekhawat
Accounting defination is so simple while business we
collect our data and create our accounts. in accounts we
use three account catagories. as like first personal a/c,
second nominal a/c and last real a/c. method of use to this
a/c only use debit & credit. but some adjustement is must.
Personal a/c - debit what comes in, credit what goes out
nominal a/c - debit all expences and losses, Credit all
gains and incomes.
Real a/c- debit all reciever while credit tha giver.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / dinesh kumar k
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 incomes and gains
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / hitesh
real a/c : debit what come in
credit what goes out
nominal a/c :debit all expenses & loses
credit all profit & gain
personal a/c :debit the recevier
credit the giver
| Is This Answer Correct ? | 2 Yes | 0 No |
42. G.Simkins sends back stock to J.J. Fabrics (a supplier), having originally purchased it on Credit. J.J. fabrics issued a Credit note for the value of these goods. In simkins’ books, the double entry for this transaction should be. a) Debit : J.J. Fabrics; Credit purchases b) Debit : purchases; credit J.J. Fabrics c) Debit : J.J. Fabrics; credit purchase returns d) Debit: purchases returns; credit J.J Fabrics.
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