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Golden rules of accounting
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Answer Posted / ritu gupta
there are 3 golden rules of accounting.
these are-
1- Personal Account - Debit the Receiver
Credit the Giver
2- Real Account- Debit what comes in
Credit what goes out
3- Nominal account - Debit all expenses and losses
Credit all income and gains
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Straight line method to using Indian company names
You are required to show the effect of each of the following changes on profit and Break-Even-Volume from the information given below: Sales 50,000 units Rs. 5.00 per unit Variable cost Rs. 3.00 per unit Fixed cost Rs. 70,000 Changes: (i) Price changes by 20%. (ii) Volume decreases to 40,000 units. (iii) Variable cost increases to Rs 3.50 per unit. (iv) Fixed cost decreases by 10%.
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