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Golden rules of accounting
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Answer / anilkumar.v
For the purpose of accounting we can classify the accounts
as three catagories. They are Personal account, Real
account and nominal account.For each and every transaction
there will be two aspects,ie,. Debit and credit. So while
applying the golden principles upon these catagories we can
reac the bellow mentioned summary.
Personal account:Debit what comes in, Credit what goes out.
Real account :Debit the reciever while Credit the giver.
Nominal account :Debit all expences and losses, Credit all
incomes and gains.
| Is This Answer Correct ? | 199 Yes | 117 No |
Answer / mustaque
personal a/c-debit the receiver
Nominal a/c-all expenses,losses debit,all incomes,and gains
credit
Real A/c-What comes in Debit
What goesout credit
Valuation A/c
| Is This Answer Correct ? | 124 Yes | 54 No |
Answer / sridhar ramasamy
1. Debits always equal credits; 2. Increases do not
necessarily equal decreases; and, 3. Assets - liabilities =
owner's equity (the accounting equation).
| Is This Answer Correct ? | 121 Yes | 62 No |
Answer / sudhaa
Real Account : Debit what comes in
Credit what goes out
Personal Account : Debit the receiver
Credit the giver
Nominal Account : Debit all expenses and losses
Credit all incomes and gains
| Is This Answer Correct ? | 44 Yes | 6 No |
Answer / ganesh .h,g.
Real Account : Debit what comes in
Credit what goes out.
Personal Account : Debit the receiver
Credit the giver.
Nominal Account : Debit all expenses and losses
Credit all incomes and gains.
| Is This Answer Correct ? | 36 Yes | 5 No |
Answer / saroj kumar
Golden Rules of Accounting
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 Gains
| Is This Answer Correct ? | 29 Yes | 3 No |
Answer / musaib
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 ? | 538 Yes | 517 No |
Answer / mahendra rajput
PERSONAL A/C - DEBIT TO RECEIVER
CREDIT TO GIVER
REAL A/C - DEBIT TO COMES IN
CREDIT TO GOES OUT
NOMINAL A/C - DEBIT TO ALL EXPENSES/LOSSES
CREDIT TO ALL INCOMES/REVENUES
| Is This Answer Correct ? | 21 Yes | 1 No |
Answer / sirajudeen t
GOLDEN RULES OF ACCOUNTING:
I. PERSONAL ACCOUNT:
i. DEBIT THE RECEIVER
ii. CREDIT THE GIVER
II. IMPERSONAL ACCOUNT
1.REAL ACCOUNT:
i. DEBIT WHAT COMES IN
ii. CREDIT WHAT GOES OUT
2. NOMINAL ACCOUNT:
i. DEBIT ALL EXPENSES AND LOSSES
ii. CREDIT ALL INCOMES AND GAINS
| Is This Answer Correct ? | 24 Yes | 5 No |
Answer / eswar
Golden Rules of Accounting
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 Gains
| Is This Answer Correct ? | 19 Yes | 3 No |
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DEAR ALL, HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know whether it is correct or not. If correct, in my individual ledger no entry is reflected. Alternatively, if I debit my self and credit petty cash a/c it is reflected in the P & L Account, but it is not an expense. and not reflected in the balance sheet, but reflected in P & L. I think I need to put a journal entry. Like debiting the salary account and crediting the salary advance account. Is this correct or not? Can any one help me please. my mail add: cdvijay100@yahoo.co.in or kmlnkml@live.com
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