What are the 3 Basic Rules in Accounting.
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Answer / vijay pangudwale
Three types of rule:
1) Personal Account
"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"
I learn this three rule of accounting
| Is This Answer Correct ? | 295 Yes | 22 No |
Answer / badri
three rules are
1. real a/c i.e (asset)
when one asset comes in it should be debited
when one asset goes out it should be credited
2.personal a/c i.e (individual a/c)
when one person or co.receives benefit it should debited
when one person or co.gives benefit it should be credited
3.nominal a/c
all the expenses&losses should be debited
all the incomes&gains should be credited
| Is This Answer Correct ? | 278 Yes | 42 No |
Answer / koteswararao
accounts are two types. namely
1.personal account
2.impersonal account: this account can be divided into two types
a.Real A/c
b.Nominal A/c
1.Personal A/c:
Debit the REciever
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 incomes and gains
These are called Golden principles.
| Is This Answer Correct ? | 249 Yes | 33 No |
Answer / sangeetha
Personal A/c
Dr:-"Debit the receiver
cr:-credit the giver"
ex:-SBI,ICICI etc.
Real A/c
Dr:-"Debit what comes in"
cr:-"credit what goes out"
ex:-purchased goods from ram on credit basis
purchase a/c dr
To ram a/c
Nominal a/c
Dr:-"Debit all expenses and lossess
cr:-credit all incomes and gains"
| Is This Answer Correct ? | 159 Yes | 16 No |
Answer / sowmi
personal a/c: dt: the receiver
cr: the giver
real a/c : dt: what comes in
cr: what goes out
nominal a/c : dt: all exp & loss
cr: all income & assets
| Is This Answer Correct ? | 161 Yes | 24 No |
Answer / christopher
Personal account - Deals with the live persons eg.,Ram,Chris etc
Debit the Receiver
Credit the giver
Real Account - Deals with the cash
Dedit what comes in
Credit what goes out
Nominal Account - Deals with the Expenses & Incomes
Debit all the Expenses & Losses
Credit all the Incomes & Gains.
| Is This Answer Correct ? | 146 Yes | 20 No |
Answer / siddu
1.Personal a/c
debit the reciever
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 incomes and gains
| Is This Answer Correct ? | 134 Yes | 15 No |
Answer / abdul bari
Real A/C
Debit : What comes in
Credit :what goes out
Personal A/C
Debit : Receiver
Credit : Giver
Nominal A/C
Debit : All Expenses & Losess
Credit : All incones and gains
| Is This Answer Correct ? | 136 Yes | 18 No |
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