Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / vinay kumar . pagidikondala
The accounts are divided into two groups i.e.
$ Personal accounts
Debit is the receiver
Credit is the giver
Ex: Sundry creditors & Sundry debtors, etc
$ Impersonal accounts
== Real accounts
== Nominal accounts
Real accounts :
Debit is what comes in
Credit is what goes out
Ex:- Furniture, Land, Building, cash, etc
Nominal accounts :
Debit is all expenses and losses
Credit is all incomes and gains
Ex:- Salraies, intrest, etc
| Is This Answer Correct ? | 6 Yes | 0 No |
Post New Answer View All Answers
Discuss the consistency concept in accounting
How to post advance paid to a supplier in oracle jd edwards
What are the elements of the accounting equation?
how many invoice types are there in accounting and what is the satutary obligations for each invoices and waht are the basic differences in those invoices.
What is the limitaion of the Trial Balance?!
What is the distinction between cost accounting and management accounting?
how to pass this entry in tally? Dear Sir, I have just started learning tally . I am practicing tally. and I am following 11th Std book for practicing. Please help me with the following entry. I know dr and cr part but having problem in grouping. Please Help. Introduced goods of Rs 10,000, cash Rs 15,000, furniture Rs 5000, debtors of Rs 1000 and commenced business. What will be the entry and group for each ledger. Please Help.
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
how to geting finished goods cost with included it's all BOM and all production order cost in sap?
How will I post entries to Tally If I purchased a Car in Loan. The principal Amount = 62930 Interest = 6846 Total = 69776 We have to pay Rs 1191 every month for 4 years which include Principle amount and interest. how can I post the monthly entries to tally
Explain what are the accounting events that are frequently involved in compound entries?
Tell me by saying, perpetual or periodic inventory system; what do we mean?
Why are accounting standards necessary?
What is use of statistics in accounting?
a cheque is received from a debtor and is deposited in the bank on the same day. what will be the journal entry?
