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Golden rules of accounting
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Answer / mohan kumar
1 ) personal account :debit the giver.
credit the reciver.
2 ) nominal account : debit all expenses & losses.
credit all income & gains.
3 ) real account : debit what comes in.
credit what goes out.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / gurunath dattatrey rajpurkar
Real A/c : Debit what comes in
credit what goes out
Personal A/c: Debit the receiver
Credit the giver
Nominal A/c : Debit all Expenses & Losses
Credit all incomes & gains
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / raj kumar jha
To Start the a/c one should know this Golden Rule.
Golden Rule
Real A/c - Debit What Comes in
Credit What Goes out
Personal a/c - Debit the receiver
Credit the giver
Nominal A/c - Debit all expences and losses
Credit all income and gain.
If this rule is clear to any one he/she will never do
mistake in ledger and journal posting.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / aprajita apra
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES
CREDIT ALL INCOMES
PERSONAL ACCOUNTS DEBIT THE RECEIVER
CREDIT THE GIVER
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / prashant
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 ? | 3 Yes | 0 No |
Answer / ravi angoth
Personal A/c:
1.Taking benefits is Debit
2.Giving benefits is Credit
Real A/c:
1.what comes in is Debit
2.what goes out is Credit
Nominal A/c:
1.Expenses and losses are Debit
2.Incomes and gains are Credit
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / aneesh mg
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 ? | 3 Yes | 0 No |
Answer / kdr
the main thing in accounts is debit decreases the amount
and credit increases the amount
and rules applicable
| Is This Answer Correct ? | 16 Yes | 14 No |
Answer / santosh jamgonde
real a/c: debit the receiver
credit the giver
personal a/c : debit what comes in
credit what goes out
nominal a/c : debit the all the expenese & losses
credit the all the income & gains
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / varsha
personal Account:- Debit the reciever
Credit the giver
Real Account:- Debit what comes in
Cedit what goes out
Nominal Account:-Debit all expenses and losses
Credit all incomes and gains
| Is This Answer Correct ? | 2 Yes | 0 No |
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DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
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