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What is personal a/c ,real a/c
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Answer / ravikumar77
Golden Rules of Accounting..
Personal a/c
Debit the receiver
credit the giver
Real A/c
Debit what comes in
Credit what goes out
Nominal A/C
Debit all Expenses and Loss
Credit all Incomes and gain
| Is This Answer Correct ? | 78 Yes | 1 No |
Answer / guest
real a/c
what come in debit
what goes out credit
personal a/c
debit the receiver
credit the giver
nominal a/c
debit all exponeses and lose
credit all income and gain
| Is This Answer Correct ? | 36 Yes | 5 No |
Answer / ashwini
Personal Accounts: Accounts dealing in the name of persons
company etc.
Real Accounts: Accounts dealing in the name of which one
exists. example Cash Furniture etc.
Nominal Accounts: Account dealing with one we cannot see
touch - example: Salary Electricity Charges Rent etc.
| Is This Answer Correct ? | 24 Yes | 6 No |
Answer / jai
personal : debit the receiver
credit the giver
for eg: dis accounts comes under the name of persons like
ramu a/c and the company like LIC insurance pvt.ltd, etc
real : debit wat comes in
credit wat goes out
for eg: dis accounts comes under 2 heads. one s tangible and
other one s intangible like building, machinery , land,
plant etc.
nominal : debit all expenses and losses
credit all incomes and gains
for eg: dis account s cannot touch like the salary,
electricity, etc.
| Is This Answer Correct ? | 16 Yes | 1 No |
Answer / ca.zishan ali
RULES:
Accountancy contains major three kinds of account area or
accounts
1) Personal A/C- it contains the accounts of either
of specific area or any specific person/company also
applicable in government sector. The examples are as
follows Mr. Xing A/c is under personal A/c because its an
account of an specific person or in other words it may be
called sole proprietorship account other is Bank of Baroda,
Gujarat Governance service, Gujarat Infosys etc all are
company accounts.
“Rule for debit and credit transaction applicable in
journal entry as well as all other accounting fields”
Debit—The receiver/what comes in
Credit—The giver/what goes out/who donates or pay to
other.
2) Real A/C- The stocks either goods in business
which are kept with an intension to earn from them are
called goods. In business there are many goods accounts
such as sales A/c, Purchase A/c, purchase return/sales
return etc… all these are effected in Real accounts
“Rule for Debit and Credit”
Debit—What comes in
Credit—What goes out
3) Nominal A/c- This account is for other expenses of
business and various direct and indirect incomes/expenses
of business. Some examples are profit and loss of the
business,travelling expenses of business, Goods burnt/gone
by fire/theft, Advertisement expenses, Legal expenses,
Commission given/received etc all such kind of entry of
business is recorded in nominal A/c.
“Rule for debit and credit”
Debit—All expenses and losses of business/during
transactions or dealings
Credit—All incomes of business earned from profit or during
transactions or on dealing
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / shubham&dev
rULES:
Accountancy contains major three kinds of account area or
accounts
1) Personal A/C- it contains the accounts of either
of specific area or any specific person/company also
applicable in government sector. The examples are as
follows Mr. Xing A/c is under personal A/c because its an
account of an specific person or in other words it may be
called sole proprietorship account other is Bank of Baroda,
Gujarat Governance service, Gujarat Infosys etc all are
company accounts.
“Rule for debit and credit transaction applicable in
journal entry as well as all other accounting fields”
Debit—The receiver/what comes in
Credit—The giver/what goes out/who donates or pay to
other.
2) Real A/C- The stocks either goods in business
which are kept with an intension to earn from them are
called goods. In business there are many goods accounts
such as sales A/c, Purchase A/c, purchase return/sales
return etc… all these are effected in Real accounts
“Rule for Debit and Credit”
Debit—What comes in
Credit—What goes out
3) Nominal A/c- This account is for other expenses of
business and various direct and indirect incomes/expenses
of business. Some examples are profit and loss of the
business,travelling expenses of business, Goods burnt/gone
by fire/theft, Advertisement expenses, Legal expenses,
Commission given/received etc all such kind of entry of
business is recorded in nominal A/c.
“Rule for debit and credit”
Debit—All expenses and losses of business/during
transactions or dealings
Credit—All incomes of business earned from profit or during
transactions or on dealing
| Is This Answer Correct ? | 2 Yes | 1 No |
The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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