Interested to Buy Any Domain ? << Click Here >> for more details...
Golden Rules Accounts (15th nov-2009)
- 8 Answers
- 12602 Views
- Ernst Young, I also Faced
- E-Mail Answers
Answer Posted / guest
Personal Account: Debit the receiver
Credit the giver
Real Account: Debit what comes in
Credit what goes out
Nominal Account: Debit all losses & expesnses
Credit all incomes & gains
| Is This Answer Correct ? | 55 Yes | 2 No |
Post New Answer View All Answers
In which account does the unpresented cheque will get recorded?
Please let me know Under head of Sales Advance?
The claim recoverable has been settled with the insurance company for 2000.what is the actual stock lost value? Please give me in calculation.
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?
Is an "account receivable" and "goodwill" real accounts in accounting?
What are the rules for debit and credit for different accounts to increase the amount in your business accounts?
how to treat investment fluctuation fund in case of death of a partner
What are the uses of journal in accounting?
What was your average accounts receivable days outstanding/days sales outstanding?
Explain what is accrual accounting?
HOW WE MADE ENTRY OF SURCHARGE ON VAT PURCHASE IN PUNJAB
what are the disadvantages of back-flush accounting?
What is cost accountancy? What are the objects of cost accountancy?
under the modified cash basis of accounting, most revenues and expenses are recognized on the cash basis. Which one of the following items is an EXCEPTION to this accounting practice? a.Advertising b.Professional Fees. c.Supplies d.Rent
