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Golden rules of accounting
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Answer / rajesh
PERSONAL ACCOUNTS DEBIT THE GIVER
CREDIT THE RECEIVER
REAL ACCOUNTS DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND gains
| Is This Answer Correct ? | 10 Yes | 4 No |
Answer / chalapathi rao govada
Personal A/C - Debit the receiver of benifit
Credit the Giver of benifit
Real A/C - Debit the Asset comes in the organisation
Credit the Asset goes out of organisation
Nominal A/C - Debit all expenses and losses
Credit all revenues and profits.
All the above Golden rules of accounting known as
principles of Accountancy as invented of fa-Luca-Faciolo
(the father of Accountancy who invented the double entry
system).
| Is This Answer Correct ? | 10 Yes | 4 No |
Answer / m.meyyappan
Personal account:Debit the receiver
Credit the giver
Real Account :Debit what comes in
:Credit what goes out
Nominal Account :Debit all expenses & losses
:Credit all Receipts and gains
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / sudhansu sekhar acharya
Personal A/c: Debit is the receiver
Credit is the Giver
Real A/C : Dr. What come in
Cr. What goes out
Nominal A/C : Dr. All expense & loss
Cr. All incomes & gains
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / afsal .k . ali
Nominal account: Debit WHAT COMES IN
cREDIT WHAT GOES OUT
Nominal acount : Debit the expenses and losses
Credit the all incomes and gains
Personal Account: Debit the reciever
Credit the giver
| Is This Answer Correct ? | 6 Yes | 0 No |
For the accounts purpose the accounts are mainly divided
into three heads of the accounts, below are the list of the
accounts and correspoding rules
1.Personal accout:
Debit : The receiver
Credit : The giver
2. Real Account:
Debit : What comes in
Credit : What goes out
3. Nominal Account
Debit : all expenses and losses
Credit : All incomes and gains
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / saif
Real a/c Debit what comes in
credit what goes out
personal a\c Debit the receiver
Credit the giver
Nominal a/c Debit all expencess and lossess
Credit all incomes and gains
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / badrinath s
Personal A/c - Debit the Receiver and
Credit the Giver.
Real A/c - Debit What Comes in and
Credit What goes out.
Nominal A/c - Debit all Expenses and loss and
Credit all Income and Gain.
Badrinath S
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / vinita
Debit what comes in Real A/c
credit what goes out
Debit all Expenses & losses Nominal A/c
Credit all Incomes & gains
Debit the receiver Personal A/C
Credit the Giver
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / bijay harichandan
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 expences and losses
Credit all incomes and gains
By-: Bijay Harichandan, Khurda, Orissa.
| Is This Answer Correct ? | 5 Yes | 0 No |
what is Capital WIP?
my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
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