what is the rule of debit and credit.
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IN PERSONAL ACCOUNT
DEBIT THE RECEIVER
CREDIT THE GIVIR
IN REAL ACCOUNT
DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
IN NOMINA ACCOUNT
DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND GAINS
| Is This Answer Correct ? | 17 Yes | 1 No |
Answer / sandeep kumar
THREE RULE OF DR. AND CR.
(1)when assests are increased...... Dr.
when assests are decreased...... Cr.
(2)when liab. are increased...... Cr.
when liab. are decreased...... Dr
(3)all expenses ............. Dr.
all income ................ Cr.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / priyanka
RULES OF DEBIT AND CREDIT
1. IN CASE OF PERSONAL ACCOUNT(these are the accounts in
the names of persons eg K SONS & COMPANY)
DR THE RECEIVER
CR THE GIVER
2. IN CASE OF REAL ACCOUNT(these account are based on
amount which we get by selling or purchase of fixed asset)
DR WHAT COMES IN
CR WHAT GOES OUT
3. IN CASE OF NOMINAL ACCOUNT(these account based on
expenses eg.telephone expenses etc)
DR ALL EXPENSES AND LOSSES
CR ALL INCOMES AND GAINS
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / pardeep kumar
DR. means is "Due To That"
CR. maens is "Due For That"
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / chandra sekhar reddy
IN case of Personal accounts Dr is the reciever and Cr is
the giver
In case of real accounts Dr is the what comes in and Cr is
the what goes out.
In case of nominal accounts expenses are debited and incomes
are credited.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / sandhya
Every transaction will have two aspects i.e., debit and
credit aspect. Every debit is equal to its corresponding
credit. Journal entry is passed by following the rule of
debit and credit, according to which debit the receiving
aspect and credit the giving aspect.
| Is This Answer Correct ? | 3 Yes | 1 No |
all incomes are credit and all expenses are debit and
whatever we are getting is dr. and whatever is going is
called cr. thats it
| Is This Answer Correct ? | 0 Yes | 2 No |
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