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what is the golden rules of accounting?
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Answer Posted / naveen kumar ippili
Real Account : Debit what comes in
Credit what goes out
Nominal Account : Debit all expenses and losses
Credit all incomes and gains
Personal Account : Debit the giver
Credit the received
| Is This Answer Correct ? | 31 Yes | 15 No |
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Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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