Answer Posted / ca.zishan ali
RULES:
Accountancy contains major three kinds of account area or
accounts
1) Personal A/C- it contains the accounts of either
of specific area or any specific person/company also
applicable in government sector. The examples are as
follows Mr. Xing A/c is under personal A/c because its an
account of an specific person or in other words it may be
called sole proprietorship account other is Bank of Baroda,
Gujarat Governance service, Gujarat Infosys etc all are
company accounts.
“Rule for debit and credit transaction applicable in
journal entry as well as all other accounting fields”
Debit—The receiver/what comes in
Credit—The giver/what goes out/who donates or pay to
other.
2) Real A/C- The stocks either goods in business
which are kept with an intension to earn from them are
called goods. In business there are many goods accounts
such as sales A/c, Purchase A/c, purchase return/sales
return etc… all these are effected in Real accounts
“Rule for Debit and Credit”
Debit—What comes in
Credit—What goes out
3) Nominal A/c- This account is for other expenses of
business and various direct and indirect incomes/expenses
of business. Some examples are profit and loss of the
business,travelling expenses of business, Goods burnt/gone
by fire/theft, Advertisement expenses, Legal expenses,
Commission given/received etc all such kind of entry of
business is recorded in nominal A/c.
“Rule for debit and credit”
Debit—All expenses and losses of business/during
transactions or dealings
Credit—All incomes of business earned from profit or during
transactions or on dealing
| Is This Answer Correct ? | 13 Yes | 2 No |
Post New Answer View All Answers
what is the due date of 28th feb
Explain which account is responsible for interest payable?
Tell us in balance sheet, where do you show tds?
VAT PER SURCHARG KAB SE KIS DATE SE LAG RAHA HAI
What is dd and a in oil and gas accounting?
What is the difference between trial balance and general ledger?
how to individual capital account.
WHERE WE CAN USE VAT 5%,14.5%
Why TDS not Deducted on Service tax amount of Rent.
Mention what are the rules for debit and credit for different accounts to increase the amount in your business accounts?
a.what products does your firm produce? b.what costs are asssigned to the product produced? c.for particular product,what direct materials are used? d.what percentage of total manufactoring costs is direct labor? direct materials?overhead? e.how is overhead assigned to the products? f.do you now use or plane to use an activity_based management system?why or why not?
I want to know accounting information in oracle apps projects costing module. i.e Which account is cr and which account db. Please help me.
What is a comprehensive income?
if company give the purchase order worth of 10,000 (INR) in advance, but the seller only sell around 8,000 (INR)and remain ing Rs 2000 return to the company, so how to deal with this scenario in accounts payable in oracle, can u hide to me
what is balance sheet, capital budgeting, financial statements, current ratio, profit maximization?
