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Golden Rules Accounts (15th nov-2009)
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Answer Posted / sanjai t s
Accountancy has only one Golden Rule,,,, As the base of
accountancy stands upon these Golden Rules:::::::::::
Personal A\c : Debit the receiver
Credit the Giver
Real A\c : Debit what comes in
Credit what goes out
Nominal A\c : Debit all expenses & losses
Credit all incomes & gains
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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
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