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Answer Posted / md. zaker husain
Golden Rule : Every Debit has a corresponding Credit and
every Credit has its coreresponding debit.
There are Three types of Accounts.
1. Personal Account
2.Real Account
3. Nominal Account
Again there are Golden rules for all the three types of
Accounts, viz.
For Personal Account : Receiver is Debit (Dr.)
Giver or Supplier is Credit(Cr.)
Real Account : What comes in Debit(Dr.)
What goes out Credit(Cr.)
Nominal Account : All expenses and Losses are Debit(Dr.)
All Incomes and Gains are Credit(Cr.)
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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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