Interested to Buy Any Domain ? << Click Here >> for more details...
What are the golden principles of accounting? Give an
example for each.
- 3 Answers
- 14637 Views
- I also Faced
- E-Mail Answers
Answer Posted / jubeda
THERE ARE THREE GOLDEN PRINCIPLES OF ACCOUNTING
PERSONAL A/C - DEBIT THE RECEIVER
CREDIT THE GIVER
EG: NAME OF A COMPANY/FIRM/PERSON/ETC.
REAL A/C - DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
EG: EXPENSES/ASSETS/CASH/ETC.
NOMINAL A/C - DEBIT ALL EXPENSES/LOSSES
CREDIT ALL INCOMES/GAINS
EG: EXPENSES/INCOMES/INTEREST/COMMISSION/SALARY/ETC.
| Is This Answer Correct ? | 36 Yes | 1 No |
Post New Answer View All Answers
Why some asset accounts have a credit balance?
When you prepare Profit and loss A/C either you will get profit or loss but not both.Then why we are saying it as profit AND loss A/C,why cannot we say it is as Profit OR loss account?
How Many Accounting Principale
sIR, DEAR SIR, WE ARE PREPARING EXPORT INVOICES AT THE TIME OF INVOICE PREPARATION WE MENTIONED EXCISE, EDN CESS AND SH EDN CESS AMOUNT ALSO IS IT CORRECT ARE NOT BUT I THINK WHEN MATERIAL SOLD EXPORT EXCEMPTION FROM EXCISE, EDN CESS AND SH EDN CESS WHICH EVER IS CORRECT. PLEASE CLARIFY MY DOUT. ADVANCE THANKING YOU,
How to make privision in SAP. (Please revert on the possibility of making this happen at PO Stage)
can any one send me tally professional version link
please advice example of any single journal entry which include all 3 accounts i.e personal, real & Nominal a/c.
what is the basic difference between pooling of interest method and purchase method in amalgamation
Explain me the basic accounting equation?
Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
Which steps in Procurement to Pay process does FI documents get created.
Can a firm claim preliminary expenses incurred(manufacturing) or only its is applicable to Companies? can a firm claim ,1/5 of such expenses incurred as deduction as in case of Companies? or any other procedure.
what is the journal entry for gas connection taken by company for preparing tea and coffee.
what is the last date of deposit TDS on liability for the assessment year 2010-11
How do I record a prior year property tax refund on sale of asset due to overvaluation
