Accounts
This query is : Resolved
23 October 2012
what is the meaning of real, nominal and personal accounting
23 October 2012
Personal accounts means which representing the names of peoples, things etc... like Yagnesh dave, Hyderabad etc...
Real accounts means which representing the assets and liabilities like cash, buildings, loans etc....
Nominal accounts means which representing the expenses or income i.e which goes to P&L account i.e like salaries, discount received, commission received, discount paid etc...
Based on such classification and rules our accounting totally depending.
OM SAI SRI SAI JAI JAI SAI
Real accounts means which representing the assets and liabilities like cash, buildings, loans etc....
Nominal accounts means which representing the expenses or income i.e which goes to P&L account i.e like salaries, discount received, commission received, discount paid etc...
Based on such classification and rules our accounting totally depending.
OM SAI SRI SAI JAI JAI SAI
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