general entry for credit purchases, credit sales, golden
rules of accounting,what is contribution.
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Answer / somasekahar
purchases A/C -dr
To supplier A/C
DebtorA/c-dr
to sales a/c
personal a/c-debit the receiver,credit the giver
real account -debit what comes in,credit what goes out
nominal account-debit all expenses,credit all gains and
incomes
| Is This Answer Correct ? | 71 Yes | 8 No |
Answer / pradeep gunuguntla
Purchases A/c ... Dr
To Accounts Payable A/C
Accounts Receivable A/C
To Sales A/c
Personal A/C: Debit the Receiver
Credit the giver
Real A/c: Debit what comes in
Credit what goes out
Nominal A/c: Debit Expences & losses
Credit Incomes & gains
| Is This Answer Correct ? | 21 Yes | 3 No |
Answer / b.thirupathi
PURCHASES A/C...DR
TO SUPLIER A/C
RULE:
real a/c: what comes in....DR.
So we debited purchases and
personal a/c: who gives is credit
so we credited the suplier
debtor a/c....dr
to sales a/c
RULE:
PERSONAL A/C: who recives is debit,
so we debited the debtor,
REAL A/C: what goes out is credit
so we credited sales
| Is This Answer Correct ? | 10 Yes | 0 No |
Answer / vadeendra
purchsases A/c dr
to party a/c
party a/c dr
to sales a/c
| Is This Answer Correct ? | 10 Yes | 1 No |
Answer / pc
contribution= sales-variable cost
or
fixed cost + profit
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / sahil ahuj
1 Purchase AC DEBIT
To Supplier AC CREDIT
2 Buyer/Party AC DEBIT
To Sales AC CREDIT
3 Real Acs (Dr What Comes in & Cr. What Goes Out)
Personal Acs (Dr. the Receiver and Cr. The Giver)
Nominal Acs (Dr All Exp $ Losses , Cr All Incomes & Gains )
4 Contribution = Sales - Varibale Cost or Selling Price/Unit - Variable Cost Per Unit
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / naresh
personal a/c-debit the receiver,credit goes out
real account -debit what comes in,credit what goes out
nominal account-debit all expenses,credit all gains and
incomes
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / naveen kumar.karumuri
Entry for Credit Purchases.:-
Dr.Purchases account
Cr.Vendor Account
(Narration.Being the Dr.Purchases Payment not yet paid)
Entry for Credit sales:-
Dr.Sales Account.
Cr.Customer Account
(Being Credit Sales payment not yet paid)
Golden rules for Accouting.
There are 3 types.
1.Personal Account(Dr.the Receiver,Cr the Giver)Best Ex.cash
2.Real Account(Dr.What comes In,Cr.What goes out)Best Ex.Assets
3.Nominal Accounts(Dr.All Expenditure,Cr.All Gains)Best ex.Dr.interest Paid,Cr,Interest Recd
Thank you,
Naveen Kumar.Karumuri
Accounts Executive
| Is This Answer Correct ? | 0 Yes | 0 No |
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