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What are the rules of Account?
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Answer / kailash kamble
1. Real Accounts : Debit what comes in
Credit what goes out
2. Nominal Accounts : Debit All Expenses And Losses
Credit All Income And Revenue
3. Personal Accounts : Debit the Reciver
Credit the Giver
| Is This Answer Correct ? | 31 Yes | 1 No |
personal a/c
dr. the ricever cr.the giver
real a/c
dr. what comein cr. what goesout
nominall a/c
dr. all expenses/loss cr. all incom/gain
| Is This Answer Correct ? | 15 Yes | 1 No |
Answer / mohd.nayeem islaahi
Personal A/c
Debit The receiver credit giver
Real A/c
Debit what comes in credit what goes out
Nominal A/c
Debit all expenses or losses credit All incomes or gains
| Is This Answer Correct ? | 10 Yes | 0 No |
Answer / aashutosh biswas
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
PERSONAL ACCOUNTS DEBIT THE RECEIVER
CREDIT THE GIVER
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / swaranjali
Every debit effect should have corresponding credit effect.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ch.brahmaji
2types of rules of accounting
1) personal accounting
2) impersonal accounting
1) personal accounting in that include of only personal
related to account rules
1 natural person
2 artificial person
3 Representative person rules of using
PERSONAL ACCOUNTS DEBIT THE RECEIVER
CREDIT THE GIVER
impersonal accounting
1 nominal accounting
2 real accounting
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
real accounting is assets
in that many types of assets are like fixed assets ,current
assets ,
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OU
| Is This Answer Correct ? | 0 Yes | 1 No |
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what do u mean by Guidance
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Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
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Audit 
