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Principles of accounting with atleast one example for each.
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Answer / guest
Personal A/c:
Benefit receiver is Debit,Benefit giver is Credit as per
Personal A/c.
Exp-We are give to cash Mr.x entry is
Mr.X A/c Dr
To Cash A/c
(Being cash Paid to Mr.X here X is Person benefit reciver it
is personal A/c, Cash is a real A/c this is goes to outside
this entry is as per Personal& Real A/c)
Real A/c:
What comes in is Debit, What goes out is Credit as per
Real A/c,
Exp-We are Received cash fromMr.X entry is
Cash A/c Dr
To Mr.X A/c
(Being Cash Received from Mr.X)
Nominal A/c:
All losses,Expenditure are Debit,All gains,profits are
Credit as per nominal A/c.
Exp:-We are Pay amount for telephoine Expences that entry is
Telephone Expences A/c Dr
To cash A/c
(Being cash Paid against to Telephone Expences)here
telephone expences is expenditure for the companyit is a
nominal a/c, cash is a Real a/c,
Exp;we are get discount
cash A/c Dr
To Receive Discount
Being we are get the Discount here discount is we are get it
is Profit , cash is a real as per nominal A/c & real A/c
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / vasudeva rao
Principles of accounting
1. Personal Ac: It deal with individual Person or Company
Debit the Receiver
Credit the Giver
Eg : Raju purchase goods from Ravi on Credit
Raju Ac Dr - Receiver
To Ravi Ac - Giver
2. Real Ac - It deal with Asset.
Debit what comes in
Credit what goes out
Eg: Purchase Machine for cash
Machine Ac Dr - Comes in
To Cash Ac - Goes out
3. Nominal Ac - It deasl with expens & income
Debit all expense & loss
Credit all income & gain
Eg: Commission received from Raju- cash
Cash Ac Dr - Real Ac
Commission Received ac- Income
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / guest
1. while an asset is increasing in a concern, it must be
debit
eg. while purchasing furniture, debit the Furniture
2. while asset is decreasing, it must be credit
eg. when giving cash cash will be credit
example of comprises of above two transaction
when purchasing furniture for cash
Debit- Furniture
Credit- Cash
3.When increasing Liability, it must be credit.
eg. when we purchase something by credit it increasing our
liability.
entry-
when we are purchsing furniture by credit from Mr.ABC
the entry will be-
Debit- Furniture (increasing furniture)
Credit- Mr.ABC (increasing Liability)
4. When decreasing liability it must be debit.
eg. when paying cash to the person, if we are payable to
him.
eg.When paying cash to MR.ABC
entry -
Debit-Mr.ABC(decreasing our liability)
Credit-Cash (decreasing Asser)
| Is This Answer Correct ? | 1 Yes | 6 No |
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Audit 
