just simple question .wat are the three golden rules of accounts?

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  • Lata Mailannavar
  • Lata Mailannavar
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  • 13 Aug
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  • 11

    Real Accounting:
    Dr - What comes in
    Cr - What goes out
    Examples of this kind of transaction include cash/bank and rent.
    Personal Accounting:
    Debit is the receiver.
    Credit is the giver.
    An example of this kind of transaction is Vendor/Customer relations.

    Nominal Accounting:
    All gains and income are credit.
    All losses and expenses are debit.
    An example of this kind of transaction is sales and/or purchases.

    • Voted By:
    • Sathish ,
    • Naresh ,
    • Md ,
    • Priya ,
    • Vijay ,
    • Laxmi ,
    • Ravi ,
    • Bongu ,
    • Rapaka ,
    • Mohammad

  • 2

    ​Personal Account:​Dr the receiver and Cr the giver.
    ​Real Account:​Dr what comes in and Cr what goes out
    .​Nominal Account:​Dr all expenses and losses,Cr all incomes and gains

    • Voted By:
    • Samiksha ,
    • Harshit

  • 1

    1 This principle is applied in case of real accounts. Real accounts involve machinery, land and building etc. They have a debit balance by default. Thus when you debit what comes in, you are adding to the existing account balance. This is exactly what needs to be done. Similarly when you credit what goes out, you are reducing the account balance when a tangible asset goes out of the organization.
    2 This rule is applied when the account in question is a nominal account. The capital of the company is a liability. Therefore it has a default credit balance. When you credit all incomes and gains, you increase the capital and by debiting expenses and losses, you decrease the capital. This is exactly what needs to be done for the system to stay in balanc
    3 This principle is used in the case of personal accounts. When a person gives something to the organization, it becomes an inflow and therefore the person must be credit in the books of accounts. The converse of this is also true, which is why the receiver needs to be debited.

    • Voted By:
    • Rachit

  • 1

    Personal Account:Dr the receiver and Cr the giver. Real Account:Dr what comes in and Cr what goes out Nominal Account:Dr All expenses and losses,Cr All incomes and gains

    • Voted By:
    • Md

  • 1

    personal a/c,nominal & real a/c

    • Voted By:
    • Md

  • 1

    The Golden Rules are:
    1) Personal Account - Debit the Receiver & Credit the Giver
    2) Impersonal Real Account - Debit what Comes In & Credit what Goes out
    3) Impersonal Nominal Account - Debit all Expenses and Losses & Credit all Income and Gains

    • Voted By:
    • Rachit

  • 0

    Debit is a reciever and credit is a giver


  • 0

    Debit the receiver, credit the giver Debit what comes in, credit what goes out Debit all expenses and losses , credit all incomes and gains


  • 0

    Personal account Dedit the receiver... Credit the giver Real account Debit what comes in. Cresit what goes out. Nominal account Debit all expenses and losses Credit all income and gains


  • 0

    persnol real nominal


  • 0

    01. PERSONAL ACCOUNT : DR. THE RECEIVER / CR. THE GIVER 02. REAL ACCOUNT : DR. WHAT COMES IN / CR. WHAT GOES OUT 03. NOMINAL ACCOUNT : DR. EXPENSES & LOSS / CR. INCOMES & GAIN


  • 0

    1- DEBIT THE RECEIVER, CREDIT THE GIVER. 2- DEBIT WHATS COMES IN, CREDIT WHATS GOES OUT. 3- DEBIT ALL EXPENSES AND LOSSES , CREDIT ALL INCOMES AND GAINS.


  • 0

    The following are the rules of debit and credit which guide the system of accounts, they are known as the Golden Rules of accountancy: First: Debit what comes in, Credit what goes out.Second: Debit all expenses and losses, Credit all incomes and gains.Third: Debit the receiver, Credit the giver.


  • 0

    three rules of accounting 1 personal account: which deals with persons like ram a/c rule: debit the reciever credit the giver 2.Real account:it deals with assets like machinery,furniture etc Rule: debit what comes in credit what goes out 3.nominal account : it deals with expenses,losses and incomes.gains Rule: debit all expenses and losses credit all incomes and gains.......


  • 0

    Real account: debit what comes in credit what goes out personal account: debit the receiver credit the giver Nominal account: debit all expenses&losses credit all incomes and gains


  • 0

    1st Rule: debit what comes in and credit what goes out. 2nd Rule: debit the receiver and credit the giver. 3rd Rule: debit all losses/expenses and credit all incomes/gains


  • 0

    Debit the receiver and credit the giver Debit what comes in and Credit what goes out Debit all expenses and losses and credit all income and gains


  • 0

    1- Personal Account - Dabit the receiver And credit the giver 2- Real Account - Dabit what comes in And credit what goes out 3- Nominar Account - Dabit all the expenses and losses And credit all the gain and profit


  • 0

    Real ac - debit what comes in and credit what goes out 


  • 0

    Nominal , personal, real account


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