as per Accounting rules we should have to journalise and ledger the nature of accounts, whatever the transactions happened we should have to find out the first of all nature of accounts....
typically trading account is have what type of account what type of nature of accounts
🌟 ( To )describes credit and( By) describes Debit ..
Trading account
To opening stock. By sales
To purchases. By closing st
To wages
here To and By how it's works plse explain me....
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Plse elucidate
Replies (5)
Trading A/c is a nominal account. rules are Dr all expenses and credit all income. so on the debit side we write To and on the credit side we write By.
But sir,To is credit and by is debit generally
So on Debt side why to they mentioned ??
To means credit know?? So why it is not in credit side??
Golden rule of accountancy.
Icai norms
Icai norms
Yes....Now I understand
By means Debit ( expenses,incomes& gainsreciver). that's why the sales and gross profit Are in mentioned " BY"
credit means ( Liability,capital ) that's why " TO".....
golden rules of accounting
By means Debit ( expenses,incomes& gainsreciver). that's why the sales and gross profit Are in mentioned " BY"
credit means ( Liability,capital ) that's why " TO".....
golden rules of accounting
Basic of accounts
Golden rules of accounting.
1) Debit the receiver, Credit the giver - personal account
2) Debit what comes in, Credit what goes out - Real account
3) Debit the expenses and losses, Credit the Gains and Income - Nominal. Account.
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