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Golden rules of accounting
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Answer / deepiga
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 ? | 0 Yes | 1 No |
Answer / mohit verma
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 ? | 0 Yes | 1 No |
Answer / tauqeer
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
Credit All Income And Gains
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / ritesh roy
PERSONAL A/C- Debit the receiver & Credit the giver.
REAL A/C- Debit What comes & Credit what goes out.
NOMINAL A/C- Debit all expenses and loss & Credit all income and gains.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / rithika
REAL A/C- DEBIT THE RECEIVER
CREDIT THE GIVER
REAL A/C- WHAT COMES IN DEBIT
WHAT GOES OUT CREDIT
NOMINAL A/C- ALL EXPENSES AND LOSSES DEBIT
ALL INCOMES AND GAINS CREDIT
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / panneer selvam m p
golden rules accounts for accounts advance results
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / sandipan kumar
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 gains.
Credit all Expenses and losses
| Is This Answer Correct ? | 635 Yes | 638 No |
Answer / manjusree .s.
For the purpose of accounting we can classify the accounts
as three catagories. They are Personal account, Real
account and nominal account.For each and every transaction
there will be two aspects,ie,. Debit and credit. So while
applying the golden principles upon these catagories we can
reac the bellow mentioned summary.
Personal account:Debit what comes in, Credit what goes out.
Real account :Debit the reciever while Credit the giver.
Nominal account :Debit all expences and losses, Credit all
incomes and gains.
| Is This Answer Correct ? | 13 Yes | 21 No |
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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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