what is the golden rules of accountancy ?withdrwal frm atm
what will be the transaction ?
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Answer / manisha ashish salvi
3 Golden Rules of accountancy as below :
1) Personal Rule
Debit the receiver
Credit the Giver
2) Real Rule
Debit what comes in
Credit what goes out
3) Nominal Rule
Debit the Expenses & Losses
Credit the Incomes & Gains
&
Withdrawal from Atm means same transaction as cash withdraw
from bank , the transaction as follows:
Dr. Cash A/c
Cr.Bank A/c
| Is This Answer Correct ? | 23 Yes | 2 No |
Answer / a.r.somesh
Simple Entry Cash A/c Dr.
Bank A/c Cr.
The same transaction what we do for cash withdrawl,
assume ATM is also bank
| Is This Answer Correct ? | 11 Yes | 0 No |
Answer / gaurang vyas
The Golden Rule of Accountancy is whatever comes in is
Debit & Whatever goes is credit.
For Individual who withdraw money from ATM.
- Cash A/C Dr.
-Personal A/C Cr.
For Bank.
- Personal A/C of Bank A/c Holder Dr.
-Cash A/C Cr.
| Is This Answer Correct ? | 9 Yes | 3 No |
In the point of view of withdrawer: It's very similar to
cash withdrawn from bank.
Entry Will be: Cash A/c----Dr
To Bank A/c.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / satyen
differance between income,Expenditure & Receipts,Payment
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / prasan
Withdrawer from ATM also through Bank,so
Cash Dr
Bank Cr
| Is This Answer Correct ? | 1 Yes | 3 No |
Answer / francis dnacio
credit what comes in debit what goes out .
bank a/c dr to Cash a/c cr
| Is This Answer Correct ? | 3 Yes | 12 No |
Answer / raman mishra
golen rules are- 1.PERSONAL A/C- DR.IS RECEIVER & CR.IS
GIVER.
2.REAL A/C- DR. WHAT COMES IN.
CR. -WHAT GOES OUT
3.NOMINAL A/C-DR.ALL EXP.& GAINS
CR-ALL INCOMES & LOSSES.
BANK A/C-DR.
CASH A/C-CR.
| Is This Answer Correct ? | 1 Yes | 15 No |
Why Copyrights,patents,goodwill etc.etc. falls under real account and not nominal or personal account? I know anything which affect trading & Profit & Loss accounts are nominal accounts.And the above do not affect the Trading or P/L accounts but on the other hand they are intangible and neither can they fall under real accounts as Real accounts are those that are not personal and they are tangible. Again in another way if we see, Patents, Copyright ,Goodwill etc. etc. kindoff acts as a representative of a person or a company like in the same way as a Bank or Company name,so they can they not fall under Personal Account??
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