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Golden rules of accounting
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Answer Posted / hamza arif
PERSONAL ACCOUNT:DEBIT THE RECIEVER
CREDIT THE GIVER
REAL ACCOUNT: DEBIT WHTS COME IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNT: DEBIT ALL EXPENSES AND LOSES
CREDIT ALL INCOMES AND GAIN
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Q13. Journalise the following transactions: Proprietor withdrew for private use Rs.4000/- from bank and 6000/- cash. Goods Costing Rs.5000 was burnt by fire. Purchase Machinery for cash Rs.150000/- and paid Rs.2000/- on its Installation. Charge 5% Depreciation on building costing Rs.200000/- and 8% Depreciation on Furniture costing Rs.5000/-. Prepaid Salary Rs2000/- Kapil who owed us Rs20000/- become insolvent and nothing is received from his estate.
