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what are the golden principle of accounting?
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Answer Posted / r.sumithra devi
THERE ARE TWO TYPES OF ACCOUNTING RULES AS FOLLOWS:
1)PERSONAL ACCOUNTS
2)IMPERSONAL ACCOUNTS
IMPERSONAL ACCOUNTS AGAIN DIVIDED INTO TWO TYPES THEY ARE
AS FOLLOWS:
1)REAL ACCOUNTS
2)NOMINAL ACCOUNTS
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 & GAINS
| Is This Answer Correct ? | 22 Yes | 6 No |
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I want to know with example of vat & Salestax
my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
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