Doubt regards about debit and credit
This query is : Resolved
13 January 2021
Dear honourable persons i have doubts regarding about the debit and credit,plse guide me
golden rules of accounting
1.personel account ( persons,company or firm and individuals)-----debit the receiver and credit the giver.
2.real account(assets )----debit what comes in and credit what goes out
3.nominal account (losses and profits)----debit all expenses and lossess and credit all incomes and gains.
iam i correct
* BUT THE DEBIT AND CREDIT ARE THE DEPENDS ABOUT THE NATURE OF ACCOUNTS.
one general doubt ,if i paid a amount to my creditors means the amount will which side it will show debit side or credit side in sundry creditors ledger account.. then if i want to payable means which side it will show.
could you plse guide me ,i have a detailed explanation of this thing with examples please
golden rules of accounting
1.personel account ( persons,company or firm and individuals)-----debit the receiver and credit the giver.
2.real account(assets )----debit what comes in and credit what goes out
3.nominal account (losses and profits)----debit all expenses and lossess and credit all incomes and gains.
iam i correct
* BUT THE DEBIT AND CREDIT ARE THE DEPENDS ABOUT THE NATURE OF ACCOUNTS.
one general doubt ,if i paid a amount to my creditors means the amount will which side it will show debit side or credit side in sundry creditors ledger account.. then if i want to payable means which side it will show.
could you plse guide me ,i have a detailed explanation of this thing with examples please
14 January 2021
Yes you are right.
If you paid your creditors the payable balance will be in credit side when you pay you have to debit the ledger. When fully paid it will show nil balance.
Payables will show credit side (creditors) receivables will show debit side (debtors).
If you paid your creditors the payable balance will be in credit side when you pay you have to debit the ledger. When fully paid it will show nil balance.
Payables will show credit side (creditors) receivables will show debit side (debtors).
14 January 2021
Thank you Soo much sir my honourable CA seetharaman sir....
14 January 2021
My honourable sir, why the net profit is added to capital account...could you plse tell with examples...
14 January 2021
You are welcome. You can clear any of your doubts at any time.
Suppose a person invest Rs 100 in a business and earns Rs 10 profit after tax now his investment will be Rs 100 plus Rs 10 profit earned. The profit earned is his earning so it's added to his capital.
Suppose a person invest Rs 100 in a business and earns Rs 10 profit after tax now his investment will be Rs 100 plus Rs 10 profit earned. The profit earned is his earning so it's added to his capital.
14 January 2021
Sir,opening stock generally what is mean by opening stock.my this year closing stock will be a opening stock as next year opening stock....but actually what opening stock includes sir ,could you plse give me a examples...???
Sir then stock or shares both of the are same meaning?
Sir then stock or shares both of the are same meaning?
14 January 2021
Yes, this year closing stock is next year opening stock. The stock is merchandise traded in the business.
14 January 2021
Could you plse tell me about the accounting standard 12 with case studies..
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