Answer Posted / shubham&dev
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 ? | 2 Yes | 1 No |
Post New Answer View All Answers
under which accounting rule prepaid salary?
What is accounting normalization?
A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500
What are bills receivable?
how to we pass a purchase entry in item invoice mode where some advance has been paid to the party. the purchase entry should get offset with the advance payment entry so that it does not appear in the bill outstanding or bills due list. please guide.thank you
why are accounting firms needed?
How to post advance paid to a supplier in oracle jd edwards
Explain the Invoice verification process
How familiar are you with crm?
if no production is take place at the start of a process in royalty accounting what will be the accounting procedure for that.
how to create salary and pf statement in excel sheet?
Tell me why do you apply for a job of an account executive?
What are the effects when intangibles and tangible assests decrease
what is the amount withdrawlfrom other cbs branch by multicity chequ book.
What is journalizing? What are the columns of a journal?
