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What are the Golden rules of accounts? with an example?
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Answer / manoj chandra sharma
there are three types of golden rules apply in accounting:
1) for personal account such as ram a/c,etc
"DEBIT THE RECEIVER,CREDIT THE GIVER"
2) for real account which are related to assets
"DEBIT WHAT COMES IN,CREDIT WHAT GOES OUT"
3) for nominal account which are related to expense,income
"DEBIT ARE ALL EXPENSES AND LOSSES,CREDIT ARE ALL
INCOME AND GAIN"
| Is This Answer Correct ? | 393 Yes | 18 No |
Answer / neeraj kumar soni
Real account-{Debit- what comes in}
{Credit-what goes out}
Nominal account-{Debit-all expenses and losses}
{Credit-all incomes and gains}
Personal account-{Debit-receiver}
{Credit-giver}
| Is This Answer Correct ? | 139 Yes | 4 No |
Answer / indrani .h.r.
THREE TYPES IN GOLDAN RULS OF ACCOUNTING. AS ARE FALLOWES,
1) REAL ACCOUNT :-
DEBIT WAHT COMES IN
CREDIT WHAT GOES OUT.
2) PERSONAL ACCOUNT :-
DEBIT THE RECEIVER
CREDIT THE GIVER .
3) NOMINAL ACCOUNT :-
DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND GAINS .
THESE THREE ACCOUNTS AS CALLED AS GOLDEN WORDS AND GOLDEN
RULES OF ACCOUNTS.
| Is This Answer Correct ? | 97 Yes | 5 No |
Answer / narayanan gokuldoss
Personal Accounts : Debit the receiver
Credit the giver
Real Accounts : Debit what comes in
Credit what goes out
Nominal Accounts : Debit all expenses and losses
Credit all incomes gains
| Is This Answer Correct ? | 68 Yes | 2 No |
Answer / kumar
if the purchase made means the entry is
purchase a\c
to cash
| Is This Answer Correct ? | 55 Yes | 10 No |
Answer / anowar hossain
----------------------------------------------------
Real account - "Debit- what comes in"
"Credit-what goes out"
Example : Cash, Building, Land etc.
----------------------------------------------------
Nominal account - "Debit-all expenses and losses"
"Credit-all incomes and gains"
Example : SBI, The univercity of Kolkata etc.
----------------------------------------------------
Personal account - "Debit-receiver"
"Credit-giver"
Example : Salaries, Interest, Recived, Paid etc.
----------------------------------------------------
| Is This Answer Correct ? | 46 Yes | 16 No |
Answer / arthi
Personal A/c
Debit the receiver
Credit the giver
Nominal A/c:
Debit all incomes and losses
Credit all expenses and gains
Real A/C:
Debit what comes in
Credit what goes out
| Is This Answer Correct ? | 37 Yes | 15 No |
Answer / sandip kumar
trasaction:
Purchase shares of Rs. 10K and chq. issued.
Jrnl Entry:
Dont know, plz help me out. Actualy I want to know if any shares,mutual fund or govt. seq. purchased, then it comes under which account i.e real or nominal or personal???
friends plz help me
| Is This Answer Correct ? | 32 Yes | 14 No |
Answer / osama.hunk@gmail.com
securites are treated as asset so its include in
personal a/c securites dr. to bank
| Is This Answer Correct ? | 19 Yes | 10 No |
Answer / karan singh
Real account - "Debit- what comes in"
"Credit-what goes out"
Example : Cash, Building, Land etc.
----------------------------------------------------
Nominal account - "Debit-all expenses and losses"
"Credit-all incomes and gains"
Example : Salaries, Interest, Recived, Paid etc -
-------------------------------------------
Personal account - "Debit-receiver"
"Credit-giver"
Example : .SBI, The univercity of Kolkata etc--------------
--------------------------------------
| Is This Answer Correct ? | 3 Yes | 0 No |
i dont no what is tcs and tds what the use and how to calculate Tcs&Tds
if "a" is a party from gurgaon purchase goods from "b" a party of bhiwadi. "a" purchase goods at cst @2% against "c" form of rs(taxable amt) 10000/- cst @2% rs 200/- then the total bill amount is 10200/-. what is the amount of "C" form made by "a"?
Esic calculated on gross to be rounded to?
if we sent our goods for selling purpose to our agents outsight the state, is there any need of sending c form to him or form 38
if am registered dealer & i am using road permit, i have to pay entry tax, which goods, I am receving in jammu
what is exemption if tds? who & what get benefit of such exemption of tds?
I want to know that can we get input vat credit against tax invoice/retail invoice/& commercial invoices. Our auditor is saying that only tax invoice is libel for vat input credit. But many parties issue us retail invoice & commercial invoice.
if the sales are completely credit based(6 months)..how can we enter in the current month VAT 200 form?
Sir, I attended infrastructure company but my question is For example: Basic value- 100000 sevice tax 14500 total bill value 114500 What is the tds amount?
pls provide Latest Slab of Profession Tax of year 2008-09
what is cst and what is rate of cst in 2010
If the total material cost of secondary steel products @ BSL, Jharkhand, is Rs.30 lacs exclusive of VAT @ 4%, ED @ 8.24%, TCS @ 1%, and the buyer is registered under the Company's Act, 1956 in Bihar, and carrys VAT & CST certification but no ED registration, then what would be the proforma of purchase invoice ? And if the Buyer sells the above materials with the conversion charges or profit of Rs.5 lacs within Bihar, what would be the proforma of Sale Invoice ?
Audit 
