Answer Posted / mohammed arif

There are Three types of Account which are as follows.

1) Personal Account
2) Nominal Account
3) Real Account

Personal Account: Debit the giver and Credit the receiver.
Example: Person, Bank , Firms, Trust etc.....

Nominal Account: Debit All expenses Losses and Credit All
income gains.
Example: Salaries paid Rent Paid (Expenditure)
Commission Received, Dividend Received (Income)

Real Account: Debit what comes in Credit What goes out
Example: Assets Cash Machinery Lease hold Goodwill
investments etc........

proprietor pays the hotel expenses of foreign client by his icici bank credit card. and then he pays the credit card bill by canara bank current account. how to pass entries in tally for this secnario

1511

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what is sevice tax? on what service tax is applicable. explain with examples?

2261

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what is joint venture?

2102

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Why you choose commerce faculty & not science or Why you are in commerce & not in science ?

2182

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what is span of shares

1977

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what is new updates in account

2040

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What part can management policy play in the analysis of cost behaviour?

2063

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A company acquires new taxi fleets on 1April 2006 with intention to provide services during the World Cup period and thereafter dispose the taxis .The World Cup runs for three months to 30 June 2006.The company's year end is 30 June 2006.how do you account for taxis at initial recognition .

1894

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What will be entry pass in tally if TDS paid by Credit Card.?

2068

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Guest expenses Rs 5500/-on behalf of partner Aravind was written as Hospitality. Rectify it

1871

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Short Answer on ______Transaction

2124

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How do you manage the sales account in tally

2042

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Apportion Rs 125000/- Nett loss among the partners A,B,C as per their sharing ratios 32%,16% and the balance to C. Pass journal entry

2047

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EXPAND_________SEAMEC

2010

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what is data entry? what is report generation ?in accounting how it is used .

2259

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