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Golden rules of accounting
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Answer Posted / pradnya
REAL A/C :- DEBIT WHAT COMES IN
CREDIT WHAT GOES OUT
PERSONAL ACCOUNTS :- DEBIT THE RECEIVER
CREDIT THE GIVER
NOMINAL ACCOUNTS :- DEBIT ALL EXPENSES AND LOSSES
CREDIT ALL INCOMES AND REVENUES
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AT THE TIME OF REDEMPTION OF DEBENTURES. WHEN THERE IS PROFIT/LOSS ON SALE OF DEBENTURES WE TRANSFER THAT AMOUNT IN PROFIT AND LOSS A/C BUT WHEN WE CANCEL OUR DEBENTURES AFTER BUYING IT FROM OPEN MARKET THE DIFFERENCE BETWEEN MARKET VALUE AND COST OF DEBENTURES TRANSFER TO "CAPITAL RESERVE ACCOUNT .. WHY SO ANY PRACTICAL ANSWER ??
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