Answer Posted / peyus

1) PERSONAL ACCOUNT
DEBIT THE RECEIVER (S.Creditor, Party)
CREDIT THE GIVER (Cash or Bank)

2) REAL ACCOUNT
DEBIT WHAT COMES IN - (Cash/Cheque, Purchases, Receipts)
CREDIT WHAT GOES OUT - (Payments, Cash/Cheque, Sales)

3) NOMINAL ACCOUNT
DEBIT ALL EXPENSE AND LOSS -(Salary,commission,rent,etc)
CREDIT ALL INCOME AND GAINS - (Interest recieved,
commission received, royalty received, etc)

What is the networth percentage observe by banks

1586

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why are accounting firms needed?

619

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What is the journal entry of building rent and TDs payment?

1111

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in terms of accounting the trial balance when is it taken?

620

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what is t code of gr/ir report?

2113

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what is revenue recognition rule, and can you specify the answer.

1306

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Who is debtor purchaser

1488

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what are the main important accounting entries for AP and AR ...

1000

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I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary

1314

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i got a case study in which theie is a chemical company group which has 12 companies in all, few in Europe and few in USA, my question is should i have only 2 COA as per the standard like US GAAP and IFRS or should i have COA based on country location.

1431

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Explain fictitious assets?

608

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Tell me an example of a tough decision that you had to make?

599

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if you are a hard working nature conclude your self?

1568

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how pass journal entry in the month ending for input vat and out put vat

1758

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i WANT TO KNOW WHAT IS THE INTEREST RATE IF WE CAN NOT PAY THE DEPOSIT SALE TAX AMOUNT WITH IN PERIOD

1404

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