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Answer Posted / nagarjuna
it is also called "golden rules of accounting". there are 3
rules.
1.PERSONAL ACCOUNT:-
DEBIT :who is benefits get from company. (receiver)
CREDIT:who is give benefits to the company (giver)
2. REAL ACCOUNT:-
DEBIT : What comes in
CREDIT: What goes out
3.NOMINAL ACCOUNT
DEBIT : All expenses and losses
CREDIT: All incomes and profits
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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