Answer / irfan

Accounts are two types i.e..
1)Personal Account,
2)Impersonal Account.
1)Personal A/c:-
debit the receiver
credit the giver
2)Impersonal A/c:-
impersonal A/c further divided into two types i.e.
a)Real Account:-
what comes in debit
what goes out credit
b)Nominal Account:-
debit all expenses and losses
credit all incomes and gains

Answer / lalitha kumari

Personal Account
Real Account
Nominal Account

Personal Account:
Debit the receiver
Credit the giver

Real Account:
Debit what comes in
Credit What goes out

Nominal Account:
Debit all expenses and loses
Credit all incomes and gains

Answer / shivmohan mishra

1.personal account
debit the receiver
credit the giver
2.nominal account
all expenses and loses debit
all incomes and gains credit
3.real account
what comes in debit
what goes out credit

Answer / wampula felix

1 When capital increases it is credited
2 When liability increases it is credited
3 When asset increases it is debited

Answer / prakash

Personal A/c=dr the receiver
cr the giver

Real A/c= dr what come in
cr what goes out

Nominal A/c= dr all expensess or lossess
cr all incomes or gains

Answer / dhanalakshmi

1. personal accounts:
DEBIT The Receiver.
CREDIT THE Giver.
2. Real accounts :
DEBIT what comes In.
CREDIT what Goes OUT.
3. Nominal accounts :
DEBIT The All Expenses and Lossess.
credit The All Incomes and Goins .

Answer / arumugam.m

Basic 3 Accounting Rules:

1. PERSONAL ACCOUNT
Debit the receiver(Dr)
Credit the giver(Cr)

2. REAL ACCOUNT
What comes in debit(Dr)
What goes out credit(Cr)

3. NOMINAL ACCOUNT
All expenses and loses debit(Dr)
All incomes and gains credit(Cr)

Answer / steve

Informational reports must be:

1)Consistent
2) Timely
3) Significant

Answer / manoj kumar singh

personal A/C -Receiver is debit and giver is credit.
Nominal A/C -All expenses and losses are debit. All incomes and gains are credit.
Real A/C -What comes in debit and What goes out credit.

Answer / shanti timalsena

for personal account
debit to receiver
credit the giver


for real account
debit what comes in
credit what goes out

for nominal account
debit all exp/losses
credit income/gain

why balance sheet should always tally?

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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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