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what is golden rules of accounts
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Answer / abdul rashid
There are three golden rules of accounting:
1. Personal Account: Debit the reciever and credit the
giver.
2. Real Account: Debit what comes in and credit what goes
out.
3. Nominal Account: Debit all expenses and losses and
credit all profit ang gains.
| Is This Answer Correct ? | 37 Yes | 5 No |
Answer / dj
The golden rule of accounts is-
Every Debit has an equal and corresponding credit.
Accounts can be further classified in to 3 types, i.e-
Personal Accounts, Real or Property Accounts and Nominal or
Fictitious Accounts.
Rules of double entry system in respect of personal, real
and nominal accounts are :-
1. Personal accounts:
Debit -> Receiver,
Credit -> Giver.
2. Real accounts:
Debit -> What comes in,
Credit -> What goes out.
3. Nominal accounts:
Debit -> Expenses and Losses,
Credit -> Incomes and Gains.
| Is This Answer Correct ? | 14 Yes | 1 No |
Answer / rajesh
The golden rules of accounts are:
1. Personal Account:
Debit the reciever
credit thegiver.
2. Real Account:
Debit what comes in
credit what goes out.
3. Nominal Account:
Debit all expenses and losses
credit all profit ang gains.
| Is This Answer Correct ? | 16 Yes | 4 No |
Answer / radhakrishna
There are three golden rules of accounting:
1. Personal Account: Debit the reciever and credit the
giver.
2. Real Account: Debit what comes in and credit what goes
out.
3. Nominal Account: Debit all expenses and losses and
credit all profit ang gains.
| Is This Answer Correct ? | 10 Yes | 0 No |
Answer / sridharan.v
There are three golden rules of accounting:-
Name of the Account Debit credit
1. Personal Account: the reciever thegiver.
2. Real Account: what comes in what goes
out.
3. Nominal Account: all expenses and losses all incomes
and
gains.
| Is This Answer Correct ? | 11 Yes | 2 No |
Answer / md. zaker husain
Golden Rule : Every Debit has a corresponding Credit and
every Credit has its coreresponding debit.
There are Three types of Accounts.
1. Personal Account
2.Real Account
3. Nominal Account
Again there are Golden rules for all the three types of
Accounts, viz.
For Personal Account : Receiver is Debit (Dr.)
Giver or Supplier is Credit(Cr.)
Real Account : What comes in Debit(Dr.)
What goes out Credit(Cr.)
Nominal Account : All expenses and Losses are Debit(Dr.)
All Incomes and Gains are Credit(Cr.)
| Is This Answer Correct ? | 1 Yes | 2 No |
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