Golden rule of accounts

What is golden rule of accounts

Questions by akki.jagani   answers by akki.jagani

Showing Answers 1 - 15 of 15 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

  Was this answer useful?  Yes

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

  Was this answer useful?  Yes

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

  Was this answer useful?  Yes

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

  Was this answer useful?  Yes

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.

  Was this answer useful?  Yes

Nkanyiso

  • Sep 30th, 2011
 

For every debit there's a corresponding credit

  Was this answer useful?  Yes

Deepesh K K

  • Dec 20th, 2011
 

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

  Was this answer useful?  Yes

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)

  Was this answer useful?  Yes

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.

  Was this answer useful?  Yes

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.

  Was this answer useful?  Yes

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

  Was this answer useful?  Yes

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

  Was this answer useful?  Yes

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

  Was this answer useful?  Yes

Give your answer:

If you think the above answer is not correct, Please select a reason and add your answer below.

Answer Question

Click here to Login / Register your free account


 
Send   Reset

 

Related Answered Questions

 

Related Open Questions