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golden rules of accounting?
how bank earn profit?
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Answer Posted / k. madhusudhan
Answer for - "Golden Rules of Accounting?"
Golden Rules of Accounting:
There are totally 3 kinds of Accounts in Financial
Accountancy. They are
1. Personal Account - relates to name of the person,
organization, institution etc.
2. Real Account - relates to cash, assets.
3. Nominal Account - relates to incomes, expenditures,
losses and gains(profits).
These three kinds of accounts contains 2 rules each,
which are as follows.
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"
These are the three Golden Rules of Accounting.
Answer for "How Bank Earn Profit?"
Bank earn profits from the interest rates collecting
from various types of loans. i.e., Bank offers less rate of
interest on deposits and makes high rate of interest on
loans and through this bank earn profit.
| Is This Answer Correct ? | 64 Yes | 4 No |
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