Golden rules of accounting
Answer Posted / deepali haryan
Real Account:Debit what comes in
Credit what goes out
Nominal Account:Debit all expenses and losses
Credit all income and gain
Personal Account:Debit the receiver
Credit the giver
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
how we will prepare n file income tax returns for individuals?explain
What do we mean by the term "Securities" when we say that "Govt injecting/sucking liquidity in/out of the system by buying/selling securities?
Hi, I would like to check if my understanding is correct I have a negative amount for provision of income tax in my balance sheet from my previous financial year.What are the accounting treatments for income tax paid and then refunded to you for the current year? Is this correct? For payment Dr provision of income tax cr bank For tax refund Cr provision of income tax Dr bank Do I need to input anything in income tax expense acct?
Why in a cash book receipts are debited while the same if received in our books recepits are credited. Why does cash book have a rule to debit receipts and credit payments. For example if am paying the cash that i owe the company or firm i debit in my books(cash) on the debit side and should credit in the cash book but i cant do that cash book take receipts on the debit side as per the general . please clarify many thanx in advance
paid two years rent N1200, bought Motor van for cash N3000
Expand ________FOR
what is non stock?
what is Sums on Finalization of Accounts?
fiscal year variant Vs posting period variant
How are fund-raising and publicity and management and administration costs apportioned over funds?
Guest expenses Rs 5500/-on behalf of partner Aravind was written as Hospitality. Rectify it
Expand-------NSAC
what is the difference between speculation & investment?
Questions on Purchase Book & sales Book .Balance sheet , Purchase & Sales Return
what is article of association? what is memorandum of association?