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what are the basic 3 rules of accounting
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Answer / mahi
The three rules of Accounting are ,
Personal -Dr the receiver, cr the giver.
Real- Dr wat comes in, cr wat goes our.
Nominal - Dr all expenses and losses, cr all incomes and
gains
| Is This Answer Correct ? | 66 Yes | 3 No |
Answer / kedar
THERE ARE THREE GOLDEN RULES IN ACCOUNTS,ON THIS THREE BASE
RULE BLDG OF ACCOUNTING IS CONSTURCTED
PERSONAL A/C:DEBIT THE RECEIVER
CREDIT THE GIVER
REAL A/C:DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
NOMINAL A/C:DEBIT ALL EXP & LOSES
CREDIT ALL INCOME & GAINS
ALL THESE ARE FROM BUSINESS POINT OF VIEW
| Is This Answer Correct ? | 14 Yes | 0 No |
the three rules of accounting are
Personal accounts-debitthe receiver from the business
credit the giver to the business
real accounts-debit what comes into the business credit -
what goes out of the business
nominal accounts-debitall expenses and losses of the
business credit-allincomea and gains of the business we
must use business related things for clarity
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / arvind
There are two types of accounts
1. personal accounts: DR-the Rec,
CR-the giver.
2. Impersonal accounts.
2.1 Real A/C: DR-what comes in,
CR- what goes out.
2.2 Nominal A/C:DR- All expenses & losses,
CR- All gains& incomes.
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
Raj mohd saab
Because of you the golden rules of accountancy lost its
gold shine
Dont be hasty in answering any question
according to you giver became debtor and receiver became
creditor
| Is This Answer Correct ? | 2 Yes | 2 No |
The acconts is followed the three steps or three types.
1. Personnal Account
2. Real Account
3. Nominal Account
Personaal Account is
giver is debit
Reciver is Credit
Real A/c
What comes in debit
What Goes out CREDIT
Nominal A/c
Expenses in debit
Incomes is Credit
| Is This Answer Correct ? | 5 Yes | 12 No |
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DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
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