What are the golder rules of Accounts ?
- 35 Answers
- 60855 Views
- Accenture, Blue Star, Genpact, HP, IBM, TCS, Wipro, Bajaj Allianz, Abhipra, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / dpbiswal
RULE 1 : Debit the Receiver, Credit the Giver.
RULE 2 : Debit what comes in, Credit whatgoes out.
RULE 3 : Debit all expenses & losses,
Credit all incomes & gains.
| Is This Answer Correct ? | 372 Yes | 15 No |
Answer / xyz
PERSONAL A/C:Debit the receiver,credit the giver
IMPERSONAL A/C:
1-REAL A/C:Debit what comes in,credit what goes out
2-NOMINAL A/C:Debit all expenses and losses and credit all
incomes and gains.
| Is This Answer Correct ? | 146 Yes | 13 No |
Answer / ashish
Rule 1 : Debit what Comes in Credit Wat Goes out
Rule 2 : Debit the reciever, Credit the giver
Rule 3 : Debit all expenses, losses and assets credit all
incomes, gains and liabilities
| Is This Answer Correct ? | 150 Yes | 43 No |
Answer / deepak
Actually, in whole world there are only 3 accounts
that is
1 Personal A/c : are those acs which are related to person
2 Real A/c: which are related things which we can touch,
see, but it doesnt have life eg: cash, car, bank, mobile
3 Nomainal A/c: which are those which we cannot see, but
we can feel but doesnt have life eg: commission,
discount,salary, rent etc.
for this there are rules which is called as golden rules of
accounts
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 ? | 107 Yes | 7 No |
Answer / ravi agarwal
1. Debit the receiver, and credit the giver.
2. Debit what comes in, and credit what goes out.
3. Debit all expenses, and losses and
credit all incomes, and gains.
| Is This Answer Correct ? | 52 Yes | 7 No |
Answer / ashwin barad
Answer is as under.
R1 Personal : Debit the receiver, and credit the giver.
R2 Real : Debit what comes in, and credit what goes out.
R3 Nominal : Debit all expenses, and losses and
credit all incomes, and gains.
| Is This Answer Correct ? | 49 Yes | 6 No |
Answer / arun
it also known as thumb rules of accounts
1.personal accounts
Debit the receiver
credit the giver
2.Real accounts
debit what comes in
credit what goes out
3.Nominal accounts
debit the expenses and losses
credit the income and gain
| Is This Answer Correct ? | 40 Yes | 1 No |
Answer / chhaya chouhan
There are 3 types of accounts:
1.Personal a/c
2.Real a/c
3.Nominal a/c
Rules for these accounts are as follows:
1.For Personal a/c:
Debit: The reciever
Credit:The Giver
2.For Real a/c:
Debit: What comes in
Credit:What goes out
3.For Nominal a/c:
Debit: All expenses and losses
Credit:All incomes and gains...
These are the most important and in other words the golden
rules of accounts...
| Is This Answer Correct ? | 33 Yes | 1 No |
Answer / rajesh
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 ? | 25 Yes | 0 No |
expand C M P F
What is Mean By FRS for HQ reporting, How To Prepare?
Why provisions are made & what will be the Journal entry for different types of provisions.
what is impairement?
What is Asset Management?
1 Answers IBM, Infosys, Northern Trust,
what is the meaning of credit note & debit note? why company using ?
Short Answer on _______Contingent Liability
expand S E B I
What exactly is derivatives segment. can u explain futures and options with examples...
What is the difference between input vat & out put vat?
Give me the asset revaluation (at the time of asset value increase & decrease) journal entrys?
what is the meaning of double entry system & Double entry system?
Audit 
