Hi Seniors,
What is the basic 3 rules of Accounting?
Regards,
Rajeev
Rajeev Kumar (Learner) (51 Points)
14 January 2010Hi Seniors,
What is the basic 3 rules of Accounting?
Regards,
Rajeev
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 14 January 2010
see in 11th class accounts book dear.
saurabh divekar
(nil)
(78 Points)
Replied 14 January 2010
oh gosh!! :-)
1. for personal accounts
debit- the receiver n credit- the giver
2. for real accounts
debit- what comes in n credit- what goes out
3. for nominal accounts
debit- all expenses/losses n credit- all incomes/ gains
PANKAJ SHARMA
(ACCOUNTS MANAGER)
(79 Points)
Replied 14 January 2010
I agree with Saurabrh. There are mainly three types of accounts.
PERSONAL ACCOUNTS
REAL ACCOUNTS
NOMINAL ACCOUNTS
In PERSONAL ACCOUNTS You have to debit the receiver of benefit and Credit the giver of benefit
In REAL ACCOUNTS You have to debit whatever comes in and credit whatever goes out.
In NOMINAL ACCOUNTS You have to debit the expenses and credit the Incomes/Gains.
If you want I shall explain with examples.
CA Akshay Kumar Mishra
(Chartered Accountant )
(1784 Points)
Replied 14 January 2010
according to accounting dictionary:-
GOLDEN RULES OF ACCOUNTING are:
1. Debits ALWAYS EQUAL Credits;
2. Increases DO NOT NECESSARILY EQUAL Decreases; and,
3. Assets - Liabilities = Owner's Equity (The Accounting Equation).
Amit
(Chartered Accountant B.Com(H))
(453 Points)
Replied 14 January 2010
Dear all sir i think irrespective of level of question we should first of all respect the question and then try to answer it otherwise it will de motivate the person who is asking the question. So it is not the fact that the question is of 11 standard but whether we are aware of those basic principle of accounting. Sorry my intention is not to heart any one.
Batul
(Article assistant)
(207 Points)
Replied 18 January 2010
PERSONAL ACCOUNT
Debit the receiver & Credit the giver
REAL ACCOUNT :-
Debit what comes in & Credit what goes out
NOMINAL ACCOUNT:-
Debit all expenses and losses and credit all the incomes and gains
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 27 November 2010
There are three golden rules of Accounting wise -
1. Personal A/c - dr is a receiver cr is a giver
2.Real A/c and - dr what comes in and cr what goes out
3. Nominal A/c - dr all expenses/losses cr all income/gain
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 27 November 2010
PERSONAL ACCOUNT
Debit the receiver & Credit the giver
REAL ACCOUNT :-
Debit what comes in & Credit what goes out
NOMINAL ACCOUNT:-
Debit all expenses and losses and credit all the incomes and gains
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