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

Answer

235 Answers
Top Voted Recent Answer
1-20 of  235
235 Answers
Top Voted Recent Answer
  • ​​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
    4
  • For Personal account account- Debit the receiver Credit the giver Nominal account- debit all expense and losses credit all incomes and gains Real account- Debit whats come in Credit what goes out
    1
  • Personal Account: Debit the receiver, Credit the giver Real Account: Debit what comes in, Credit what goes out Nominal Account: Debit all expenses and loss, Credit All income and gains
    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.
    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
    1
  • personal a/c,nominal & real a/c
    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
    1
  • BOTH OF ASSET AND LIABILITY
    0
  • 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.
    0
  • Debit the receiver, credit the giver - personal account Debit what comes in, credit what goes out - Real account Debit all expenses and losses, credit all incomes and gains - Nominal account
    0
  • 1. Debit the Receiver & Credit the Giver 2. Debit what comes in & Credit what Goes out. 3. Debit Expenses & Losses, Credit Incomes & Gains
    0
  • 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
    0
  • Real account - Debit what comes I'm credit what goes what Personal account - Debit the receiver, credit the giver nominal account - Debit all expenses and losses, credit all incomes and gains
    0
  • Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income, and gains.
    0
  • Three types of accounts are:

    - Real account: All assets of a firm, which are tangible or intangible, fall under the category “Real Accounts“.
    - Personal account: These accounts are related to individuals, firms, companies, etc.
    - Nominal accounts: Accounts that are related to expenses, losses, incomes, or gains are called Nominal accounts.

    The tree golden accounting principles are:

    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 & gains
    0
  • Real account, personal account, nominal account
    0
  • Personal a/c- debit the reciever credit th giver Real a/c- debit what comes in credit what goes out Nominal a/c- debit all expenses and losses credit all incomes and gains
    0
  • In Real accounting Dr -whats come in cr- what's goes out in personal accounting Dr -receiver cr -giver in nominal accounting Dr- all losses and expenses Cr- all gains and income are credit
    0
  • 1)Real Account- Debit what comes in, Credit what goes out 2)Personal Account- Debit the receiver, credit the giver 3)Nominal Account- Debit all expenses and loss, Credit all income and gains
    0
1-20 of  235
forum   Other Related Discussions
Accounting

Didn't get the answer.
Contact people of Talent-Accounting directly by clicking here