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Discussion > Accounts > Others >

Type of accounts

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Account Assistant


[ Scorecard : 54]
Posted On 10 August 2013 at 01:38 Report Abuse

Dear Sir,,

I want to know that what kind of accounts is input vat , output vat etc. i.e. personal real or nominal accounts???? i will be greatful if anybody reply with explanation.

 

 


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Aryan Singhania (Pallav)
❤ Work Hard Party Harder ❤


[ Scorecard : 28859]
Posted On 10 August 2013 at 09:41

Personal Accounts:

Accounts recording transactions with a person or group of persons are known as personal accounts. These accounts are necessary, in particular,to record credit transactions.

Personal accounts are of the following types:

(a) Natural persons: An account recording transactions with an individual

human being is termed as a natural persons’ personal account. eg., Kamal’s account,

Mala’s account, Sharma’s accounts. Both males and females are included in it

 

(b) Artificial or legal persons: An account recording financial transactions

with an artificial person created by law or otherwise is termed as an artificial person,

personal account, e.g. Firms’ accounts, limited companies’ accounts, educational

institutions’ accounts, Co-operative society account.

 

(c) Groups/Representative personal Accounts: An account indirectly

representing a person or persons is known as representative personal account. When

accounts are of a similar nature and their number is large, it is better tot group them

under one head and open a representative personal accounts. e.g., prepaid insurance,

outstanding salaries, rent, wages etc.

When a person starts a business, he is known as proprietor. This proprietor is

represented by capital account for all that he invests in business and by drawings

accounts for all that which he withdraws from business. So, capital accounts and

drawings account are also personal accounts.

The rule for personal accounts is: Debit the receiver

Credit the giver

 

Real Accounts

Accounts relating to properties or assets are known as ‘Real Accounts’, A

separate account is maintained for each asset e.g., Cash Machinery, Building, etc.,

Real accounts can be further classified into tangible and intangible.

(a) Tangible Real Accounts: These accounts represent assets and properties

which can be seen, touched, felt, measured, purchased and sold. e.g. Machinery

account Cash account, Furniture account, stock account etc.

(b) Intangible Real Accounts: These accounts represent assets and properties

which cannot be seen, touched or felt but they can be measured in terms of money.

e.g., Goodwill accounts, patents account, Trademarks account, Copyrights account,etc.

The rule for Real accounts is:

Debit what comes in

Credit what goes out

Nominal Accounts

Accounts relating to income, revenue, gain expenses and losses are termed as

nominal accounts. These accounts are also known as fictitious accounts as they do not

represent any tangible asset. A separate account is maintained for each head or

expense or loss and gain or income.

Wages account, Rent account Commission account, Interest received account are some examples of nominal account

The rule for Nominal accounts is:

Debit all expenses and losses

Credit all incomes and gains



Total thanks : 1 times




Jeevraj Singh Tanwar
Accountant


[ Scorecard : 42]
Posted On 10 August 2013 at 10:25

dear kamlesh ji

input vat and output vat is personal  accounts  because govt. accounts this accounts show in the balance sheet, balance sheet two account show persional and real  and real account is 1.fixed assets 2.investment 3. stock a/c  4.cash a/c,  other accounts show in the balance sheet  personal accounts 1. capital accounts 2.reserve & serpluse 3. loan a/c 4. current liabilities , investment ,  current assets (bank , loan & advances, deposite, debtors,) and miscellaneous fictitious assets show in the assets side  

 

 (dr)input vat - output(cr) = vat refund(dr),    input vat excess show in the current assets side refund from govt. 

(cr) out put vat- inputvat(dr) = vat payable(cr),  output vat excess show in current liabilites payable to govt. 

 

nominal account show in trading & p&l accounts   1.purchase 2.sales 3.direct expenses 4.direct income 5.indirect expenses 6.indirect income  are nominal accounts

trading account show real account is opening stock and closing stock

 

Note:-investment is personal use than personal accounts like lic , nsc, and investment for bussiness purpose than real accounts for example nsc for security.  

Note:- purchase and sale in 12th class book show real accounts  and ca class show  nominal accounts

Note:- sale tax show in the P&L no refundable than is nominal accounts under composition secheme (composition fee paid) indirect expenses




Jeevraj Singh Tanwar
Accountant


[ Scorecard : 42]
Posted On 10 August 2013 at 10:29

dear kamlesh ji

input vat and output vat is personal  accounts  because govt. accounts this accounts show in the balance sheet, balance sheet two account show persional and real  and real account is 1.fixed assets 2.investment 3. stock a/c  4.cash a/c,  other accounts show in the balance sheet  personal accounts 1. capital accounts 2.reserve & serpluse 3. loan a/c 4. current liabilities , investment ,  current assets (bank , loan & advances, deposite, debtors,) and miscellaneous fictitious assets show in the assets side  

 

 (dr)input vat - output(cr) = vat refund(dr),    input vat excess show in the current assets side refund from govt. 

(cr) out put vat- inputvat(dr) = vat payable(cr),  output vat excess show in current liabilites payable to govt. 

 

nominal account show in trading & p&l accounts   1.purchase 2.sales 3.direct expenses 4.direct income 5.indirect expenses 6.indirect income  are nominal accounts

trading account show real account is opening stock and closing stock

 

Note:-investment is personal use than personal accounts like lic , nsc, and investment for bussiness purpose than real accounts for example nsc for security.  

Note:- purchase and sale in 12th class book show real accounts  and ca class show  nominal accounts

Note:- sale tax show in the P&L no refundable than is nominal accounts under composition secheme (composition fee paid) indirect expenses



Total thanks : 1 times



sanjana
article


[ Scorecard : 80]
Posted On 10 August 2013 at 13:23

Dear Sir,

Input Vat and output vat are real accounts is nature.

Input VAT is treated as an asset and Output VAT is treated as liability. This liability can be set off with the Asset and remit the remaining Output VAT .(i.e, Output VAT can be set off with the input VAT and after setting off, if anything remains in Output, this has to be remitted to govt) 

 



Total thanks : 1 times



sanjana
article


[ Scorecard : 80]
Posted On 10 August 2013 at 13:26

It will be shown in Current Liabilities in Balance sheet.

Liability as a credit balance and Asset as a debit balance or it can be transferred to asset side itself



Total thanks : 1 times



kamalesh chatterjee
Account Assistant


[ Scorecard : 54]
Posted On 11 August 2013 at 01:15

thanx for the info..................



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