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Examples each for golden rules of accounting
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Answer / anagha bavikar
PERSONAL ACCOUNT:
Debit the recevier
Credit the giver.
EXAMPLE:
Sundry Creditors A/C DR
To Cash/Bank A/C
REAL ACCOUNT:
Debit what comes in
Credit what goes out
EXAMPLE:
Cash A/C DR
To Bank A/C
NOMINAL ACCOUNT:
Debit all expenses or losses
Credit all incomes or gains
EXAMPLE:
printing & Stationery A/C DR
To Cash / Bank A/C
| Is This Answer Correct ? | 51 Yes | 0 No |
Answer / jitendra more
PERSONAL ACCOUNT
DEBIT : THE RECEVIER (S.Creditor, Party)
CEDIT : THE GIVER (Cash or Bank)
REAL ACCOUNT
DEBIT : WHAT COMES IN (Cash/Cheque, Purchases, Receipts)
CREDIT : WHAT GOES OUT (Payments, Cash/Cheque, Sales)
NOMINAL ACCOUNT
DEBIT : EXPENES OR LOSS (Salary,commission,rent,etc)
CREDIT : INCOME OR GAINS (Interest recieved,commission
received, royalty received, etc)
| Is This Answer Correct ? | 41 Yes | 2 No |
Answer / dinesh kumar
1) PERSONAL ACCOUNT
DEBIT THE RECEIVER (S.Creditor, Party)
CREDIT THE GIVER (Cash or Bank)
2) REAL ACCOUNT
DEBIT WHAT COMES IN - (Cash/Cheque, Purchases, Receipts)
CREDIT WHAT GOES OUT - (Payments, Cash/Cheque, Sales)
3) NOMINAL ACCOUNT
DEBIT ALL EXPENSE AND LOSS -(Salary,commission,rent,etc)
CREDIT ALL INCOME AND GAINS - (Interest recieved,
commission received, royalty received, etc)
| Is This Answer Correct ? | 33 Yes | 0 No |
Answer / vikash mishra
PERSONAL ACCOUNT
DEBIT : THE RECEVIER
CEDIT : THE GIVER
REAL ACCOUNT
DEBIT : WHAT COMES IN
CREDIT : WHAT GOES OUT
NOMINAL ACCOUNT
DEBIT : EXPENES OR LOSS
CREDIT : INCOME OR GAINS
| Is This Answer Correct ? | 33 Yes | 1 No |
Answer / n.pragatheeswaran
Used Golden Rules for depreciation
1. Depreciation A/c Dr = Rs:1000 ( Nominal A/c -Expenses & loss
Machinery A/c Cr = 200 ( Real A/c )
Furniture A/c Cr = 200 ( Real A/c )
Computer A/c Cr = 600 ( Real A/c )
| Is This Answer Correct ? | 27 Yes | 1 No |
Answer / d.s.bhavana
no no both are wrong.the salary is nominal account
| Is This Answer Correct ? | 16 Yes | 0 No |
Answer / venkatayya
A. Personal a/c: Debit the receiver
Credit the giver
B. Real a/c: Debit what comes in
Credit what goes out
C. Nominal a/c: Debit all expenses and losses
Credit all gains and incomes
| Is This Answer Correct ? | 15 Yes | 0 No |
Do you know the term account payable?
Original cost = Rs 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual depreciation under SLM will be (a) Rs.21,000 (b) Rs.20,000 (c) Rs.15,000 (d) Rs.14,000
If we purchase machinery from gujarat ie from cst supplier & we have to give them 'c' form what should be the entry for the same.
What is the Account Receviable for Airport?
can any one tell me what is the difference between Accounting period & Financial year? Will be waiting for your answer. It's an open source question, any correct answer will be appreciable. Thanks. Regards, Mr. RKO
Definition of accounts payable
3 Answers Genpact, Infosys, MNC, TATA,
Do you think accounting standards are mandatory and why?
what are the supporting documents of purchase entry and sales entry?
I have interview in Accenture,already anyone attend the interview, kindly gave some information about accounts interview & also about the company.
Tell me in accounting, how do you define premises?
what is meant by debit and credit
what is red ink interest
1 Answers ICAI, NTTF Nettur Technical Training Foundation, Wipro,
Audit 
