Skip to main content

lecture 5

By

DOUBLE ENTRY SYSTEM

FOUNDED IN 1494 BY LUCAS PACIOLI

CLASSIFICATION OF ACCOUNTS UNDER DOUBLE ENTRY SYSTEM

  • PERSONAL ACCOUNT 
THE ACCOUNTS ARE OPENED UNDER THE NAME OF INDIVIDUAL FIRM,COMPANY,INDIVIDUAL ETC. EX : OUR CREDITOR MR.X , MR X IS CONSIDERED AS A PERSONAL ACCOUNT.
(WHENEVER A TRANSACTION HAS TRANSACTIONS RELATED TO DEBT OR CREDIT THEN THE PERSON/ORGANISATION WHO HAS GIVEN US OR LENT MONEY THEN THAT PERSON/ORGANISATION IS TREATED AS PERSONAL ACCOUNT)

RULE: DEBIT THE RECEIVER
CREDIT THE GIVER 
  • REAL ACCOUNT
REAL ACCOUNTS ARE ALL THE ASSETS EXCEPT DEBTORS WHICH CAN BE CONVERTED TO CASH 
RULE: DEBIT WHAT COMES IN 
CREDIT WHAT GOES OUT 

  • NOMINAL ACCOUNT
NOMINAL ACCOUNT ARE THOSE ACCOUNT WHICH ARE RELATED TO EXPENSE,LOSSES AND INCOME,PROFIT.
RULE: DEBIT ALL EXPENSE AND LOSSES
CREDIT ALL INCOMES AND GAINS 


Labels:

Comments

Post a Comment

Popular posts from this blog

PROGRAM TO PRINT COLOURS OF RAINBOW ACCORDING TO THE NO. INPUTTED BY THE USER

By
#include,stdio.h> #include<conio.h> void main() { int ch; printf("INPUT A NUMBER\n"); scanf("%d",&ch); switch(ch) { case 6: printf("Red"); break; case 5 : printf(" Orange"); break; case 4 : printf(" Yellow"); break; case 3 : printf(" Green"); break; case 2 : printf(" Blue"); break; case 1 : printf(" Indigo"); break; case 0 : printf(" Violet"); break; default : ("wrong input "); } } SIMPLE PROGRAMS FIND TYPE OF THE TRIANGLE TEMPERATURE CONVERSION COMMISSION OF A SALESMAN PRINT NUMBERS IN DESCENDING ORDER BIGGEST NUMBER AMONG THREE NUMBERS CALCULATE DIVISION A YEAR IS LEAP OR NOT A NUMBER IS ODD OR EVEN PRINT THE SQUARE ROOT ELSE PRINT N TO THE POWER 5 PRINT A NEW NUMBER BY ADDING 1 TO EACH DIGIT OF THE NUMBER PRINT THE NO. OF CURRENCY NOTES ACCORDING TO THE AMOUNT ENTERED DATA STRUCTURES ENTER DETAILS OF A STUDENT ENTER DETAILS OF A ST...
Post a Comment
Read more

unix commands

By
 
Post a Comment
Read more

Baby doge paws

By
Baby doge paws link 🎉 Join the BabyDoge PAWS Clicker adventure! Solve challenges, join daily events, and invite friends. Stay tuned for the token airdrop! 🐾 🌟 Earn 10k PAWS as a welcome bonus 🌟 Get 25k PAWS with Telegram Premium https://t.me/BabyDogePAWS_Bot?start=r_6394860582
Post a Comment
Read more