Understand Golden Rules of Accounting by a 17 year old Commerce Student

[@unknown-hf1lk]

omg thank alot u helped me with my university exam and i liked the way u explained it seriously dude ur better than our professor 🙌💪💪

[@CALavishGupta]

Hfhfhdhfhd Fufugufufur thank you for your kind words

[@lalansharma4947]

nada yehia hhgh

[@manishajoshi4219]

kzbin.info/www/bejne/lZKllqCombSbobM

[@neavygarg8181]

Very very nice explanation,, I am student of tenth class but I was very bored by studying the syllabus of tenth class so I thought I should study account of eleventh Commerce,, and your video had created my interest in accounting very much,,, thanks,,, again

[@CALavishGupta]

+Neavy Garg That's great , you are ahead of others. Hope you will succeed in your life.

[@abhisheksawant3663]

Thank you bro. I'm a non commerce student but still you made it easy for me to understand.

[@AccountsPortalCACMA]

At the age of 17 Years old you rocked

[@mohanmaverick9478]

Dude I want basic accounting videos from you.YOUR WAY OF APPROACH IS REALLY GOOD

[@CALavishGupta]

Thanks

[@sugeeth4306]

I was absent for one accounting class and I didn't understand anything after that. This video really made it easier for me to write the journals. Thank you🙏.

[@safinashaikh2015]

excellent job bro....kaash teacher bhi aise hi padhati.....

[@CALavishGupta]

+SAFINA SHAIKH 😉 Thanks for the compliment.

[@jaganmohan5518]

wow.....gud explanation bro,and that too in such a tender age....sounded like a professor

[@CALavishGupta]

+jagan mohan Haha thanks bro.

[@jaganmohan5518]

chill......i will hAVE a good future dude

[@CALavishGupta]

+jagan mohan what? Why r u saying this?

[@jaganmohan5518]

sry.....k wrote i instead of u

[@yogeshsraju5985]

Ek like to Banta hai yaar....

[@karteekd6761]

Excellent explanation...salute to your age...

[@CALavishGupta]

Thank you.

[@musajohnamara651]

I learnt from your lesson so much, thanks u very much

[@Techreviwer]

U have explained it in the most easiest way 👍👌

[@CALavishGupta]

+Kamran Almelkar 😃😏

[@shinugupta3799]

Awesome video. Hope our school teacher had also teached us the way as I learnt from the video.

[@CALavishGupta]

Thank you Shinu. Your first comment really made my day.

[@rachitnijai1782]

Thank you very much.......i was not understanding it first but now i got it

[@sawarpatwal8224]

great explanation of golden rules

[@CALavishGupta]

Thank you.

[@__-kd3rw]

awesome...ur the best...made me understand so well...thank u

[@CALavishGupta]

+Anju M thanks

[@arooshidayal4335]

Thank you so much!! You are very good.. Till now i was struggling to understand!! Hope you make more great videos

[@CALavishGupta]

Sure.

[@piyushmishra7140]

hello mam you can visit to my channel for videos of accounts. thank you #piyushhhclasses

[@Rajeshranjan89]

You explained very well

[@CALavishGupta]

Thanks

[@rahitechworld589]

Nice tutorial ,thank you

[@badalguptaxyz]

Thank you Lavish Sir 🙏

[@chandanakishore4221]

Very nice way u explained

[@CALavishGupta]

Thank you.

[@shravanisiva9180]

Good explanation thankyou bro

[@rishabbhatia7499]

Yeh Banda Bhut Hi..Smart Hai..

[@CALavishGupta]

+Rishab Bhatia haha....shukriya janab

[@Lakshu-kp9qk]

Super bro keep rocking and put many videos😎😎😎😎😎

[@CALavishGupta]

Thank you.

[@Lakshu-kp9qk]

Could you explain the formate bro in the next video

[@vipinsagwal4114]

awesome bhai.you are great

[@CALavishGupta]

+vipin sagwal thanks bro.

[@sujeets5901]

Great explanation. Helped me understand the golden rules in one go.

[@CALavishGupta]

+sujeet surange Thank you. If you would like to see any more video on Accountancy, just write to me at [e-mail]. Also don't forget to subscribe and like the video.

[@rahulpatilcanarabank3028]

Thanks a lot... I was in search of such video

[@CALavishGupta]

Most Welcome.

[@harshalavose7488]

Interest received from bank. Bank being a personal a/c needs to be credited?

[@CALavishGupta]

Yes.

[@harshalavose7488]

Lavish Gupta then how will both intst received and bank will become credit?

[@CALavishGupta]

Actually sorry... here bank account will be debited.......because interest received from bank in our bank account.....so as bank account is a personal account and bank is receiving the money.... Keeping in mind the golden rule "Debit the Receiver" Bank account will be debited.

[@akhilr6118]

hi can u tell me the journal entry for the following.. 1) started business with cash 2) Sushil & co. started business with cash

[@CALavishGupta]

+Akhil R 1) Cash account -------Dr To Capital account 2) Cash account -------Dr. To Capital account Because we as an accountant are recording the journal entries of a specific company in his books. So, there is no need to mention any name. Its a common sense.

[@bubai687]

Lavish Gupta.. some video say Bank is Real Account.. What is Correct??

[@CALavishGupta]

+Anirban Konar Well, as per most of the authors and as per ICAI, Bank is a Personal Account. But we can also take Bank as a Real Account because it also represent an Asset and all Assets comes under Real Account. But remember Bank as a Personal Account is more accurate.

[@tablodutta7077]

Lovely bro..keep it up

[@CALavishGupta]

Thank you.

[@deepikayadav2991]

nice explanation... thanks a lot..

[@CALavishGupta]

+Deepika Yadav Thanks

[@maneeshp786]

i feel very helpful after watching this, Thanks

[@CALavishGupta]

+Maneesh Pandey Thanks bro. Do not forget to subscribe to the channel.

[@aayushkumar7442]

Sir can u pass the journal entry of this transaction ......Rs 230000 plant and machinery purchased by paying 30000 cash immidaetely I have passed its journal entry Plant and machinery a/c Dr To cash a/c To creditors for p/m a/c is this journal entry correct?

[@CALavishGupta]

Yes its right.

[@syedkashifpashaquadri4129]

Thanks lavish u had clear every doubt about accounting I was new for accounts keep going on

[@CALavishGupta]

Glad to hear that.

[@sudharaninemani2559]

Thanks a lot. Very well explained.

[@CALavishGupta]

+sudha rani Nemani 😊

[@glennporter6378]

How can you use the Golden Rule with advanced accounting? I'm struggling with debits and credits with consolidated balance sheets and financial statements

[@chhayagupta5871]

Thanks u so much..... Excellent video

[@CALavishGupta]

+Chhaya Gupta Most Welcome🙂

[@rodelopanes8321]

chhaya gupta i

[@roamisingh3344]

Really nice video, explained with example in best way. Kindly upload a video for journal entries .

[@CALavishGupta]

Soon.

[@vasavivagicharla9377]

it's a nice video but I had a doubt. if in a question there r 2 rules which one we should apply I can't understand. if I don't mind can u explain me.

[@CALavishGupta]

Apply both....Now if two rules are contradicting each other, then I can only tell after observing the Journal Entry.

[@vasavivagicharla9377]

Oh ok thank u so much for your early reply. it's very kind of u

[@omegaquad8887]

Wah Bhai 🙋 Tnx Alot 💖 You've Helped me alot

[@CALavishGupta]

Great and do watch my latest video on Bank Reconciliation Statement.

[@tigreygt6614]

Good video, thanks Godfrey

[@CALavishGupta]

+Tigrey Godfrey Thanks dude for commenting

[@saiparthiban1]

How to find which account we have to use when both cash and someone's name in journal

[@CALavishGupta]

+sai the great Then the name is just for confusing. You have to use cash account whenever the transaction is done with cash.

[@shounsarwade]

extremely helpful bro...helped me a lot..thank you soo much ........! :) Looking for more videos from you.

[@CALavishGupta]

+Shoun Sarwade thanks bro.

[@shabbirbagawan7013]

Thank You Sir 😊

[@lakshmi_p]

Excellent 👍

[@CALavishGupta]

Thank you.

[@zeeshansiddiqui8266]

Accounts are two types Now only I have studied

[@zeeshansiddiqui8266]

Personal and impersonal

[@shrikantjinka2569]

thanks bro for sharing such videos it is easy to understand accounting with the help of Ur videos thank you

[@CALavishGupta]

+Shrikant Jinka Glad to help you

[@parshuramkondoji8062]

Nice explanation

[@CALavishGupta]

Thanks

[@SanjanaSanjana-om1lw]

awesome can u send video of rule of Debit or credit

[@aayushkumar7442]

Sir can u help me in passing journal entry of this transaction with full explanation on the rules of debit and credit .....here is the transaction .... Charge intrest on drawings 1000

[@CALavishGupta]

Here, in this transaction two accounts are involved which are Interest Account and Bank/Cash Account. Now whenever we record journal entries, we consider ourselves as Accountant of the business not of the owner. So, when an owner withdraws money from the business, he has to give interest on it. So, interest on drawings is an income for the business. And as per Golden rule of Accounting, "Credit all incomes and Gains", we will credit Interest on Drawings with 1000 Now when we receive interest on drawings, we either receive it in cash or through cheque i.e in bank. Now as Cash and bank is Real Account, we will use " Debit what comes in" Therefore cash/bank will be debited as we are receiving it. So the full entry will be Cash Account ------------Dr. 1000 To Int. on Drawings A/c 1000

[@aayushkumar7442]

Thanks sir im satisfied with ur answer but my teacher has passed Drawings a/c Dr To intrest on drawings a/c

[@MuhammedAli-ek5ud]

Was really informative....tnx...

[@CALavishGupta]

Most Welcome.

[@khuzeymaosman4706]

Thanks allll welcome

[@richardcarol4162]

SUPER BROTHER. GOD BLESS U MA

[@CALavishGupta]

+Richard Carol thanks dude.

[@mamtakharroman2769]

But here Salary is also an Income for the employee soo why can't it be Credited

[@CALavishGupta]

Because as an Accountant, we are not concerned with any person whether it is an employee or an owner. We are only concerned with Business Entity and Salary is an Expense for business.

[@ramnaresh6682]

Thnkuuuu soo much for this explanation

[@CALavishGupta]

Most Welcome

[@ritushahi8444]

hey bro your voice is not clear please try to make it more clear......bcoz ur video is very useful.

[@CALavishGupta]

Thanks and that was my first video, that's why voice is unclear.

[@ritushahi8444]

Lavish Gupta okay no problem......thanks.

[@vasanthet4962]

superb explanation thanks

[@CALavishGupta]

+vasanth e t thank ew vasanth. Hope you have liked the video as well as subscribed to my channel.

[@sarabsingh9986]

Really , its so much helpful thnks bro 😊

[@adeepika6052]

Gud one dude tq

[@rameshgoudu6464]

Superb sir

[@CALavishGupta]

Thank you.

[@AmanThakur-qv8mi]

Good job..

[@CALavishGupta]

Thanks.

[@BrandBuster-m7s]

Supper explanation

[@CALavishGupta]

+Kishan Prajapat thanks

[@rakshitchauhan]

salaries outstanding comes under which account?Why?Tell me plz bro

[@CALavishGupta]

+Rakshit Rajput It comes under personal account (representative personal account)

[@rakshitchauhan]

bhai pr personal me q

[@CALavishGupta]

+Rakshit Rajput because it is related to the actual person to whom the salary is due.

[@sudarshanpn6842]

Great!!

[@CALavishGupta]

sudarshan pn Thanks

[@sahilgillbohemian2818]

Osm Thnk u so much bro 👌👍

[@CALavishGupta]

Most welcome.

[@abdulwaheedpigham5936]

awesome video thanks a lot

[@CALavishGupta]

+Abdulwaheed pigham Thanks for your kind words.

[@hinazop309]

I have studied these things in class right in our school

[@CALavishGupta]

Ohh Great.

[@kirtiyadav9288]

You are brilliant, 🤗🤗🤗🤗

[@CALavishGupta]

Thank you.

[@kushalbhetuwal5818]

why income is credited though income comes as assets?

[@CALavishGupta]

+kushal Bhetuwal when we talks about cash coming into the business, it is an asset. But by income, it means like Interest received account which gets credited. For example- In a transaction Interest received on Investment Rs.3600 Here, 2 accounts are concerned A) Cash account And B) Interest received on Investment account Cash account is asset ,thus will be debited Whereas interest received account is nominal account and is income and thus will be credited. Hope you got it.

[@priyankatp2614]

Tq it's nice explination

[@CALavishGupta]

Thank you.

[@priyankatp2614]

@@CALavishGupta ☺☺

[@nandhiniviswanathan1283]

Bro please upload some more videos relating to final accounts.please.......

[@CALavishGupta]

Sure.

[@BalwanSingh-kk1gd]

Assistant accountant interview se related questions bheje plz sir aap ka bahut bahut dhanwad hoga sir

[@CALavishGupta]

Sorry Sir, I am a student...and have no ideas regarding interviews.

[@priuadharshini.r2001]

Super bro I understand

[@CALavishGupta]

Great.

[@shubhamthite5553]

very good explanation✌✌👏👏

[@CALavishGupta]

+shubham thite thank you.

[@narasimhagangaram9889]

Nice effort friend

[@naveenaj4253]

Hai its very easy to understand your explanation...can u teach me abt tds and gst regarding Tax

[@CALavishGupta]

+Naveena J Thanks....I am making more videos as and when I am getting some spare time.

[@anuradhagupta4236]

Hi Lavish, I m an accountant, i want a vedio on gst returns. Please make it. Thanku

[@bhavnachaudhary9873]

very helpful video thanks bro

[@CALavishGupta]

+bhavna chaudhary Most welcome

[@Sanju-30]

Sir little bit u r voice is not clear otherwise you video is good and easily to understandable. Thank you.

[@CALavishGupta]

🙂🙂

[@sudhansupramanik2660]

Paid rent by chak $500 What is a account ?????

[@CALavishGupta]

Rent account and bank account

[@aafrinbanu.m3508]

What is journal

[@hurumfatima3862]

thank u so much....

[@CALavishGupta]

Most Welcome.

[@sunitakushwaha2076]

very nice video

[@vijendars5389]

Thank you bro

[@CALavishGupta]

Vijendar s Most Welcome.

[@moiseayaba8657]

Clearly explained and in simple terms. My suggestion is that you should improve on your projection (Voice tone, English wordings) and make the content more classic/ formal/ professional. Otherwise big up to you 👍🏻👌🏻

[@CALavishGupta]

Thank you. And yes I am working to improve.

[@subhashyadav-wd1ro]

i so proud of you

[@swapnalikaspate2029]

खूप मस्त....

[@CALavishGupta]

+Swapnali Kaspate Thanks

[@faatimahkhan9010]

Very nice

[@umekhan4821]

You explained well...and 1 more thing this background is too annoying

[@amannag3525]

appreciable 👍👏👏

[@CALavishGupta]

Thanks

[@sumitkardel9058]

plz tell how to slove journal entry

[@CALavishGupta]

+sumit kardel which journal entry

[@merinjose7963]

thank you so much........

[@purnimakumari5911]

Wow thank you..😊😊😋😋

[@SRINIVAS.K]

superb dear

[@thoughtsforlifechanging5168]

excellent video thank for the video sir I share video all my friends👌👌👌👌

[@MuhammadAhmed-dk2nw]

Fabulous

[@subhashyadav-wd1ro]

verry nice videos sir

[@pudharisrinivas2813]

Thank uh so much 😊

[@CALavishGupta]

Most Welcome.

[@sara_roka17]

Thank you...!!!!😀😀😀

[@CALavishGupta]

+lucy Fernandez most welcome...!!!