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Question
Answer in one sentence only:
State the rule of Nominal Account.
Solution
(2) Credit all incomes and gains.
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RELATED QUESTIONS
Answer in one sentence only:
State the rule of Personal Account.
Select the most appropriate alternatives from the given below and rewrite the statement:
Debit the receiver, Credit the ____________
Select the most appropriate alternatives from the given below and rewrite the statement:
Debit what comes in, Credit what ______
Select the most appropriate alternatives from the given below and rewrite the statement:
Debit all ______ and Credit all income and gains.
State whether the following statement is True or False with reasons:
The rule of Nominal Account in Debit the receiver and Credit the giver.
Fill in the blank:
Debit all expenses and losses, Credit all ______
Prepare a chart showing Analysis of the following transactions in a Tabular form according to the Traditional Approach:
1. Rajasaheb started the business with cash of ₹ 85,000.
2. Goods Purchased for cash ₹ 5,000.
3. Sold goods on credit worth ₹ 6,000 to Ramesh.
4. Cash deposited into Bank of Maharashtra ₹ 12,000.
5. Interest received ₹ 700 from Radhika.
6. Paid Rent ₹ 2,000 to the landlord.
7. Bought goods on credit from Birajmohan ₹ 7,000.
8. Withdrew cash from bank ₹ 1,000 for office use.
9. Purchased computer ₹ 9,000 for cash.
10. Paid Mobile bill (office) ₹ 500.
11. Sold old Mobile ₹ 2,000.
12. Received Rent ₹ 1,000 from the tenant.
