What are the 3 Basic Rules in Accounting.
Answers were Sorted based on User's Feedback
Answer / visheshwer pratap singh
there are mainly 2 types of a/c
1 - PERSONAL A/C
2- IMPERSONAL A/C
1- personal a/c-
debit the reciever & credit the giver
2-IMPERSONAL A/C- there are two types of a/c
[A] real a/c-
debit what comes in & credit what goes out
[B] nominal a/c-
debit all losses and exp. & credit all incoms and
gains
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / s.anandhan
real account
nominal account
personal account
Is This Answer Correct ? | 2 Yes | 1 No |
Answer / rikesh
Personal Account :
Debit : The Receiver
Credit : The Giver
Real Account :
Debit : What comes in
Credit: What goes out
Nominal Account :
Debit : The Expenses OR loss
Credit : The Income OR profit.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / jaga
Personal:-
By The recevier a/c Dr
To The giver a/c Cr
Real:-
By What ever comes in a/c Dr
To What ever goes out a/c Cr
Nominal:-
By All expenses & losses a/c Dr
To All incomes & gains a/c Cr
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / hari jhanwar
1. Persnaol A/c Rule
Debit to receiver and Credit to giver.
2. Non-personal A/c rule
Debie to comes in and Credit to gose out.
3. Income & Expenditure A/c Rule
All Exp. and loss debited and All incone & profit
Credited.
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / hamza
Rule 1: Total asset= Total liab + owner's Equity
Rule 2: Debit: all exp & loss
Credit: all income & gain
Rule 3: Total of debit side = Total of credit side
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / saranya
3 accounts are there...
1.real account
2.nominal account
3.personal account
1.Real account
debit what comes in and credit what goes out
2.nominal account
debit all expenses and losse , credit all incomes and gains
3.personal account
debit the receiver and credit the giver
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / julietmary antony
THREE TYPES OF ACCOUNTS :
1) PERSONAL A/C
"DEBIT THE RECEIVER
CREDIT THE GIVER"
2)REAL A/C
"DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT"
3)NOMINAL A/C
"DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOME AND GAINS"
(THESE ARE GOLDEN RULES OF ACCOUNTING)
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / preeti
1) Personal Accounts-:
Debit the receivers & credit the givers.
ex: Aditya sold a washing machine to Ram for RS 8000.Then journel entery
will be-
RAM a/c Dr 500
to
Aditya a/c Cr 500
2) Real A/Cs-:
Debit what comes in & credit what goes out.
Ex: Ram sold furniture for cash in Rs 1o,000. Then journel entry will be
Cash A/C Dr 10,000
to
Furniture A/C Cr 10,000
3) Nominal A/Cs-:
Debit the all expenses & losses & Credit all incomes & gains.
Ex: Sita purchased a purse for Rs 500
Cash A/C Dr 500
to
Purse A/C Cr 500
Is This Answer Correct ? | 2 Yes | 1 No |
Answer / manish kumar shukla
PERSONAL ACCOUNT:- DEBIT THE RECEIVER AND
CREDIT THE GIVER.
REAL ACCOUNT :- DEBIT WHAT COMES IN AND
CREDIT WHAT GOES OUT.
NOMINAL ACCOUNT :- ALL EXPENSES OR LOSSES ARE DEBITED
AND ALL THE INCOMES AND GAINES
ARE CREDITED
Is This Answer Correct ? | 1 Yes | 0 No |
impairment & Amortisation Means
what is monetary polasy and how it is different from trade polacy? how it will impact on stockmarkets in India?
Ramana deposited directly in our Andhra Bank towards deposit for DealershipRs 15000/-Pass entry
EXPAND_________UAPA
Expand NEFT
TDS form 501A issued to Contractor, which form issued to sub - contractor ?
What is the journal entry for Stale Cheque?
6 Answers College School Exams Tests, TATA,
Dear Friends, Please help me with the below, I am new to the current company and newly accountant. My question is, In Balance sheet, Cash in Drawer is showing excess amount and I could not tally it with sales. Please guide me how do I need to tally CASH IN DRAWER? I don't want to reconcile. I only want to tally. Please help. Thanks in advance.
What is intra Company transactions? With an example
If income and expense both are equal then what it depicts
Trading account reveals---------Profit and loss account reveals ---------
what is break even point?
31 Answers ADP, College School Exams Tests,