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What are the 3 Basic Rules in Accounting.
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Answer / visheshwer pratap singh
there are mainly 2 types of a/c
1 - PERSONAL A/C
2- IMPERSONAL A/C
1- personal a/c-
debit the reciever & credit the giver
2-IMPERSONAL A/C- there are two types of a/c
[A] real a/c-
debit what comes in & credit what goes out
[B] nominal a/c-
debit all losses and exp. & credit all incoms and
gains
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / s.anandhan
real account
nominal account
personal account
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / rikesh
Personal Account :
Debit : The Receiver
Credit : The Giver
Real Account :
Debit : What comes in
Credit: What goes out
Nominal Account :
Debit : The Expenses OR loss
Credit : The Income OR profit.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / jaga
Personal:-
By The recevier a/c Dr
To The giver a/c Cr
Real:-
By What ever comes in a/c Dr
To What ever goes out a/c Cr
Nominal:-
By All expenses & losses a/c Dr
To All incomes & gains a/c Cr
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / hari jhanwar
1. Persnaol A/c Rule
Debit to receiver and Credit to giver.
2. Non-personal A/c rule
Debie to comes in and Credit to gose out.
3. Income & Expenditure A/c Rule
All Exp. and loss debited and All incone & profit
Credited.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / hamza
Rule 1: Total asset= Total liab + owner's Equity
Rule 2: Debit: all exp & loss
Credit: all income & gain
Rule 3: Total of debit side = Total of credit side
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / saranya
3 accounts are there...
1.real account
2.nominal account
3.personal account
1.Real account
debit what comes in and credit what goes out
2.nominal account
debit all expenses and losse , credit all incomes and gains
3.personal account
debit the receiver and credit the giver
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / julietmary antony
THREE TYPES OF ACCOUNTS :
1) PERSONAL A/C
"DEBIT THE RECEIVER
CREDIT THE GIVER"
2)REAL A/C
"DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT"
3)NOMINAL A/C
"DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOME AND GAINS"
(THESE ARE GOLDEN RULES OF ACCOUNTING)
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / preeti
1) Personal Accounts-:
Debit the receivers & credit the givers.
ex: Aditya sold a washing machine to Ram for RS 8000.Then journel entery
will be-
RAM a/c Dr 500
to
Aditya a/c Cr 500
2) Real A/Cs-:
Debit what comes in & credit what goes out.
Ex: Ram sold furniture for cash in Rs 1o,000. Then journel entry will be
Cash A/C Dr 10,000
to
Furniture A/C Cr 10,000
3) Nominal A/Cs-:
Debit the all expenses & losses & Credit all incomes & gains.
Ex: Sita purchased a purse for Rs 500
Cash A/C Dr 500
to
Purse A/C Cr 500
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / manish kumar shukla
PERSONAL ACCOUNT:- DEBIT THE RECEIVER AND
CREDIT THE GIVER.
REAL ACCOUNT :- DEBIT WHAT COMES IN AND
CREDIT WHAT GOES OUT.
NOMINAL ACCOUNT :- ALL EXPENSES OR LOSSES ARE DEBITED
AND ALL THE INCOMES AND GAINES
ARE CREDITED
| Is This Answer Correct ? | 1 Yes | 0 No |
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Kindly solve the following problem. Financial accounting. 1. Bheema does not maintain his book in the double entry system . His books showed following facts. Receipts for the year ended 31.12.2007 from sundry Debtors 17625.00 Cash sales 4125.00 paid by bheema (proprietor) 2500.00 total 24250.00 payments made for the year ended 31.02.2007 new machinery purchased 625.00 drawings 1500.00 wages 6725.00 salaries 1125.00 interestpaid 75.00 telephone 125.00 Rent 1200.00 lighting 475.00 sundry expenses 2125.00 sundry creditors 7625.00 total 21600.00 Assets and Liabilities As on 31.12.2006 As at 31.12.2007 sundry creditors 2525.00 2400.00 sundry Debtors 3750.00 6125.00 Bank 625.00 ? stock 6250.00 3125.00 plant 7500.00 7315.00 from the Above data , prepare TRADING A/C, PROFFIT & LOSS A/C for the year ended 31st december 2007 and the BALANCE SHEET as on on that date. Kindly solve the problem
Audit 
