Golden rules of accounting
- 369 Answers
- 646649 Views
- Accenture, Accounting, Ajuba, Birla Tyres, Chartered Accountant, Flextronics, Genpact, Hewitt, HP, Intel, JPMorgan Chase, Northern Transport, Oracle, Scope International, TCS, TransWorld, UCO Bank, WNS, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / vinod chandila
THE THREE GOLDEN RULES OF ACCOUNTING.
1.PERSONNEL ACCOUNTS-DEBIT THE RECEIVER AND CREDIT THE GIVER.
2.REAL ACCOUNTS-DEBIT WHAT COMES IN AND CREDIT WHAT GOES OUT.
3.NOMINAL ACCOUNTS-DEBIT ALL THE EXPENSES AND LOSSES AND
CREDIT ALL THE INCOME AND GAINS.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / kashif raza khan
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 GIVER
CREDIT THE RECEIVER
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / more akshay dhondu
Personal Account:- Dedit the receiver
credi the giver
(Personal Account means any person name, body)
Real Account:- Debit what comes in
Credit what goes out
(Real Account means Bank)
Nominal Account:- Debit all expenses & losses
Credit all incomes & gains.
(nominal Account means any transaction that is show in dr
side for p & l a/c. Income shows on Cr. side for P&L A/C.)
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / natheeshram
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 ? | 2 Yes | 1 No |
Answer / sandeep raj giri
Personal Account Debit the Receiver
Credit the Giver
Real Account Debit What Comes In
Credit What Goes Out
Nominal Account Debit all Expenses and Losses
Credit all Incomes and Gain
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / ramkumar
Personnel account ioncludes all ledger accounts of
individuals HUF company firm etc... E.g Ram's a/c sham and
co ABC comp-any limited etc....
Real A/c includes all assets and liabilities a/c.. Eg cash
a/c bank a/c fixed assets current liabilities....
Nominal A/c includes all direct and indirect incomes and
expenses a/c e.g salary a/c commission a/c rent a/c etc...
Debit all expenses and losses
credit all incomes and gains
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / narendra chandpure
Personel a/c : Debit the receiver
Credit the giver
Real a/c : What comes in Debit
What goes out Credit
Nominal a/c : Debit all Loss and Expenses
Credit all Incomes and gains.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / dheerandra singh thakur
personal :-debit the receiver , credit the giver
real :-whats come in debit , whats goes out credit
nominal :-all expence/loss debit ,all income/gain credit
| Is This Answer Correct ? | 1 Yes | 0 No |
What are the major responsibility's of an accountant? what are the qualities he /she requires?
What is Capital redumtion Reserve ( CRR )?
Give a brief explanation of the fundamental accounting concept of prudence
EXPAND______________IDBI
What would be the entry at the time of Generating Tution Fee Challan for Advance fees. (e.g In the Month of April, Fees of June and July in being asked to pay by school to their students?
Expand---------STRP
Calculate the profit/loss on sale of the following assets as on 30th september 2000 cost of the asset on 01.05.95 50000/- Salvage Value 5000/- Method of depriciation & date WDV 15% sales of asset on 30.09.2000 Rs 25000/-
Expand ----------GIDB
fill in the Blanks We are at obligation to pay Fringe Benifit Tax even though we are in _______________
What is life ?
fill in the Blanks Debit___________Credit_______________in
Deferred tax
Audit 
