Answer Posted / guest

uestion
What are the 3 Basic Rules in Accounting.
Question Submitted By :: Rajesh
I also faced this Question!! Rank Answer
Posted By

Re: What are the 3 Basic Rules in Accounting.
Answer
# 26
1.total asset = total of liability(including owners equity)
2. total of liability = total of asset-owners equity
3. total owners equity= total of assets - total of
liabilities.

Is This Answer Correct ? 23 Yes 3 No
1
Sajidthurki

Re: What are the 3 Basic Rules in Accounting.
Answer
# 27
Basic Rule of accounting also called the three golden rule
of accounting.these are followings-

1.Personal Account: means related to individual
Debit the Receiver
Credit the Giver
2. Real Account:means that we can see or touch
Debit What comes in
Credit What goes out
3.Nominal Account: which we can not see or touch
Debit all expenses and losses
Credit all incomes and gains

Is This Answer Correct ? 34 Yes 3 No
0
Nitesh

Re: What are the 3 Basic Rules in Accounting.
Answer
# 28
1.Personal A/c:
1.Debit the receiver
2.Credit the giver.

2.Real A/c:
1.Debit what comes in
2.Credit what goes out.

3.Norminal A/c:
1.Debit all expenses and loss
2.Credit all incomes and gains.

Is This Answer Correct ? 26 Yes 1 No
0
N.kalavathi

Re: What are the 3 Basic Rules in Accounting.
Answer
# 29
personal a/c: D.R the receiver
c.r the giver

Real a/c : d.r what comes in
c.r what goes out

nominal a/c : d.r all expenses&losses
c.r all incomes & gains.

Is This Answer Correct ? 22 Yes 0 No
0
M.neeraja

Re: What are the 3 Basic Rules in Accounting.
Answer
# 30
Personal A/c
Debit;Receiver of the benefit,
Credit;Giver of the benefit,

Real A/c
Debit;All asset comes in,
Credit;All asset goes out,

Nominal A/c
Debit;All expenses & Loses
Credit;All profit & gains

Is This Answer Correct ? 19 Yes 1 No
0
Devraj

Re: What are the 3 Basic Rules in Accounting.
Answer
# 31
#1 Personal A/C

Debit the receiver
Credit the giver

#2 Real A/C

Debit what comes in
Credit what goes out

#3 Nominal A/c

Debit all the Exp. & losses
Credit all the income & gains

Is This Answer Correct ? 16 Yes 1 No
0
Rakesh

Re: What are the 3 Basic Rules in Accounting.
Answer
# 32
threebasic rules are also known as golden rules of
accounting . we have three types of accounts ie
Personal accounts(natural, artificial,representative)
Rule
Debit the receiver
Credit the giver
Real account(tangible,intangible)
Rule
Debit what comes in
Credit what goes out
Nomial account(which is not included in above a/c)
Rule
Debit all expenses and losses
Credit all incomes and gains

Is This Answer Correct ? 16 Yes 2 No
5
Priya

Re: What are the 3 Basic Rules in Accounting.
Answer
# 33
1-personal a/c

dedit what comes in
credit what goes out

2-real a/c

debit the receiver
credit the giver

3-nominal a/c

debit all expenses and losses
credit all incomes and gains

Is This Answer Correct ? 16 Yes 6 No
0
Shree

Re: What are the 3 Basic Rules in Accounting.
Answer
# 34
1. Debit to receiver
Credit to giver

2. Debit what comes in
Credit what goes out

3. Debit All Exp /Loss
Credit Income/Gain

Is This Answer Correct ? 18 Yes 2 No
0
Prakash

Re: What are the 3 Basic Rules in Accounting.
Answer
# 35
1 debit the reciver
credit the giver
2 debit what comes in
credit what gose out
3 debit all the expenses and losses
credit all the income and gains

Is This Answer Correct ? 17 Yes 2 No
0
Sukhbir

Re: What are the 3 Basic Rules in Accounting.
Answer
# 36
Nomial accounted :
Debit : All expenses& lossss
credit : All Incomes & gain

Real accounted:-
Debit : What comes in
Credit : What goes out

Personal accounted :-
Debit the receiver
Credit the giver

Is This Answer Correct ? 16 Yes 1 No
0
Shekar

Re: What are the 3 Basic Rules in Accounting.
Answer
# 37
Real Account:
Debit what comes in
Credit what goes out

Personal Account:
Debit the reciever
Credit the giver

Nominal Account:
Debit all expenses and losses
Credit all incomes and gains

Is This Answer Correct ? 13 Yes 0 No
0
Md.humayun Kabir

Re: What are the 3 Basic Rules in Accounting.
Answer
# 38
1. debit the receiver and credit the giver

2. debit whats comes in credit whats goes out

3. debit all lossed and expenses credit all gains and
incomes.

Is This Answer Correct ? 15 Yes 0 No
0
Sajid Farooqi

Re: What are the 3 Basic Rules in Accounting.
Answer
# 39
The Answer is Rule 1:Real A/c {asset}
when one asset comes in it should debited
when one asset goes out it should credited
Rule 2:personal a/c i.e (individual a/c)
when one person or co.receives benefit it should debited
when one person or co.gives benefit it should be credited

3.nominal a/c
all the expenses&losses should be debited
all the incomes&gains should be credited

Is This Answer Correct ? 14 Yes 0 No
0
Dilip Surana

Re: What are the 3 Basic Rules in Accounting.
Answer
# 40
This is universal question of accontancy to be known by
every accountant.

PERSONAL ACCOUNT:IT DEAL WITH PERSON AND ANY THING.(TRADING
A/C)

DEBIT THE RECEIVER,..
CREDIT THE GIVER.

REAL ACCOUNT:IT DEALS WITH CASH,BANK,THINGS..etc(PROFIT AND
LOSS A/C)

DEBIT WHAT COMES IN,..
CREDIT WHAT GOES OUT

NOMINAL ACCOUNT:IT DEALS WITH EXPENSES, INCOME AND GAINS
FROM BUSSINESS.

DEBIT ALL EXPENSEN AND LOSSES,..
CREDIT ALL INCOMES AND GAINS.

Is This Answer Correct ? 10 Yes 0 No
0
Vemula Sai Kiran

Re: What are the 3 Basic Rules in Accounting.
Answer
# 41
personal
debit the receiver
credit the giver

nominal


debit all expenses and losses
credit all incomes and gains
real




debit what comes in
credit what goes out

Is This Answer Correct ? 8 Yes 0 No
0
Ramana

Re: What are the 3 Basic Rules in Accounting.
Answer
# 42
pesonal account
debit to the receiver
creadit to giver

real ac
debit whats come in
credit what goes

nominal ac
debit all expences & losses
creadi all income & gain

Is This Answer Correct ? 8 Yes 0 No
0
Desai Uttam M

Re: What are the 3 Basic Rules in Accounting.
Answer
# 43
Dr the receiver
Cr the giver

Dr what comes in
Cr what goes out

Dr all expenses/ losses
Cr all incomes/gains

Is This Answer Correct ? 8 Yes 0 No
0
Sameer Bhagwat

Re: What are the 3 Basic Rules in Accounting.
Answer
# 44
MAIN 3 IMPARTENT & SIMPLE THINGS
PRERSONAL A/C
Debit is reciver
credit is giver
REAL A/C
What come in cash,things ect.,is DEBIT
What goes out praofit & loss is CREDIT
NOMINAL A/C
All expenses and losses in DEBIT said
All income and gains in CREDIT said

Is This Answer Correct ? 6 Yes 0 No
0
Vinay

Re: What are the 3 Basic Rules in Accounting.
Answer
# 45
There 3 basic rules in Accounting 1.Real Account what comes
in Dr what goes out Cr 2.Personal Account The Reciver Dr
Giver Cr 3.Nominal Account All Expenses ...

Is This Answer Correct ? 7 Yes 0 No
0
G.dhanapal

Re: What are the 3 Basic Rules in Accounting.
Answer
# 46
There are 3 Rules in Accounting
They are: Real Accounts: Debit what comes in & Credit what
goes Out
Personal Accounts :Debit the Receiver
Credit the Giver
Nominal Acounts: Debit all the Expenses
Credit All the incomes

Is This Answer Correct ? 5 Yes 0 No
0
Smitha

Re: What are the 3 Basic Rules in Accounting.
Answer
# 47
There are two types of accounts
1. Personal Account
2. Impersonal Account

1.Personal Account
Dr, the receiver
cr, the Giver

2.Impersonal account can be devided in to two groups:
2.1.Nominal A/C,
2.2.Real A/C

2.1 Nominal Account
Dr. all exp. & losses
Cr. all Income & Gain

2.2.Real Account
Dr. what comes in
cr. What goes out

Is This Answer Correct ? 8 Yes 0 No
0
Anuj Shah

Re: What are the 3 Basic Rules in Accounting.
Answer
# 48
pesonal account
debit to the receiver
creadit to giver

real ac
debit whats come in
credit what goes

nominal ac
debit all expences & losses
creadi all income & gain

Is This Answer Correct ? 5 Yes 0 No
0

If concern supply garments from outside purchase to movie producer for their production then is it maintain Service Tax if yes then how and at first what steps I have to take?

1915

---

how to creat e-vat return in tally

2068

---

How tax deduction at source is deducted

2045

---

what is reverse credit & how it is calculated in vat law in west bengal?

9023

---

Define deferred tax liability? What items come under deferred tax liability?

1169

---

If we issue a new sale invoice after issuing a Credit Note to the coustomer, for the previously issued sale invoice on which Central Sales Tax @2% was Paid previously,whether we will be liable to pay for charging the sales tax on new invoice and pay to the sales tax department.

2244

---

for applying way bill for to send the materials from one state to onother state for a part load ( not full exclussive truck load)through transporter,dose it required vehical registration number or only transporter details can do.(as for part load , transporter unable to inform the vehical number in advance).kindly advise.

1974

---

If we are placing the order in amazon on behalf of the customer who is ordered from other e-commerce sites and the goods is directly billed to the customer address from the amazon sellers and for the same we are receiving some profit at that in our books of account what entries need to be passed...?? do i eligible to get the ITC on the GST amount paid..??

1523

---

how many sale tax charged on the billing for central dealer by uttar pradesh dealer at furniture items ? & how many sale tax charged for u.p. dealer by up dealer ?

2112

---

if salary paid per month Rs 80000/ I will deduct TDS from his salary, please what I do explain.(send Urgently)

1410

---

How Many Category of VAT in West Bengal

1845

---

if i have a comany take contract from gvt. & i take contract from that company, & in his bill he show about all tax deduction ike IT, WCT etc, but material is purchase by that company not by us so here i want to know how WCT applicable? on total amount of contract or according to rule like material service & after adding all things??

1774

---

If we want to do online PT registration it starts from 2007-08. But our firm started 2005-06. What is the procedure? Manually we have to submit the documents. Can any one let me know.

1905

---

if company is registered in West Bangal and goods are purchased from Maharashtra for export, and export will be done from Maharastra, then who can issue the H form?

1910

---

WHAT IS THE PROVISION OF TDS RECEIVABLE AT THE TIME OF YEAR ENDING GIVE THE EXAMPLE WITH ENTERY ON MY E.MAIL sonidilip87@yahoo.com

3187

---