Golden rule of accounts

What is golden rule of accounts

Questions by akki.jagani   answers by akki.jagani

Showing Answers 1 - 48 of 48 Answers

Sweete

  • Jun 20th, 2008
 

Personal Account Rule:
Debit the receiver
Credit the giver

Real Account Rule:
Debit what comes in
Credit what goes out

Nominal Account Rule:
Debit all expenses and losses
Credit all incomes and gains


These are the golden rules of accounts.

According to double entry system for every debit there will be a credit.

Vishwanath

  • Jul 19th, 2011
 

Personal Account Rule:
Debit the receiver
Credit the giver

Real Account Rule:
Debit what comes in
Credit what goes out

Nominal Account Rule:
Debit all expenses and losses
Credit all incomes and gains

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shravanthi

  • Aug 1st, 2011
 

Personal account-Debit the receiver
Credit the giver.

Nominal account- debit What comes in .
Credit what goes out.
Real account- Debit expenses & losses.
Credit all incomes & commissions

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Subhkant jha

  • Aug 24th, 2011
 

Personal Account Rule:
Debit the receiver
Credit the giver

Real Account Rule:
Debit what comes in
Credit what goes out

Nominal Account Rule:
Debit all expenses and losses
Credit all incomes and gains

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monika

  • Sep 1st, 2011
 

Personal A/C
-Debit is the receiver
-credit the giver

Real A/C
-Debit what comes in
-Credit what goes out

Nominal A/C
-Debit all expenses and losses
-Credit all income and gains

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pranjul

  • Sep 6th, 2011
 

1. Credit what goes out
Debit what comes in.

2. Debit all expenses
Credit all incomes.

3. Debit the receiver
Credit the giver.

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Nkanyiso

  • Sep 30th, 2011
 

For every debit there's a corresponding credit

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Deepesh K K

  • Dec 20th, 2011
 

The Golden rule of accounting - "Anticipate no profit but provide for all possible losses"

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DAYALAN

  • Jan 10th, 2012
 

Three Golden Rules
1) Real accounts ( Debit what comes in and credit what goes out)
2) Nominal Accounts (Debit all expenses and Credit all gains)
3) Personal Accounts ( Debit the Receiver and Credit the giver)

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gns.ravi

  • Apr 10th, 2012
 

Personal accounts : Debit the receiver Credit the giver

Ex : Ravi A/c, Balu A/c, Kishor A/c

Real accounts : Debit what comes in and Credit what goes out.

Ex : Bank A/c, Cash A/c, Machinary A/c.

Nominal accounts : Debit all expenses and losses Credit all incomes and gains.

Ex : Wages A/c, Salaries A/c , Sales A/c.

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vijay

  • Apr 20th, 2012
 

Personal A/c : Debit the Receiver
Credit the Giver

Real A/c : What Comes in Debit
What Goes out Credit

Nominal A/c : Expenses & Losses are Debit
Incomes & Gains are Credit.

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Hemant Patil

  • Apr 22nd, 2012
 

Personal A/c:
Dr the Receiver and Cr the Giver >> (Name of individuals, company country etc)

Impersonal A/c:
Real A/c:
De what comes in CR what goes out (furniture fixture (fixed assets))
Nominal A/c:
Dr the expenses and losses and Cr the income and gains

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mani.c

  • Aug 29th, 2013
 

Real Account:
Debit comes in
Credit goes out


Personal Account:
Debit is Giver
Credit is receiver

nominal Account:
Debit was all losses and Exp
Credit was All profit And gain

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Ram Sudhakar

  • Dec 19th, 2013
 

hi
PERSONAL AC- DEBIT THE RECEIVER AND CREDIT THE GIVER
NOMINAL AC - DEBIT ALL EXP AND LOSSES AND CREDIT ALL INCOME AND GAINS
REAL AC - WHAT COMES IN DEBIT AND WHAT GOES OUT IN CREDIT

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prasanth

  • Mar 11th, 2019
 

Personal-debit the receiver, credit- the giver.
Real-Debit what comes in, credit what goes out.
Nominal-debit all expenses and losses, credit all incomes and gains.

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Àkash Salve

  • Apr 14th, 2019
 

Real Account-Credit what comes into the business and debit what goes out from the business
Nominal Account-Credit Income and gains and Debit Expenses and losses
Personal Account-Credit to giver and debit to receiver

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Aruneshwari naik

  • Jul 15th, 2019
 

Golden Roles of Accounting:
1) Personal Account:
Debit the receiver
Credit the giver
2) Real account:
Debit what comes in
Credit what goes out
3) Nominal account:
Debit all expenses and losses
Credit all gains and income

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