nature of account
This query is : Open
19 September 2016
name the category of account that is not balanced. what is the meaning of balanced in this case.
19 September 2016
to find out the balance in any account is the purpose of BALANCING the account. So every account needs to be balanced....(Mathematically one can say, where total of debit side equals the total of of credit side, the account has zero / nil balance and hence need not be balanced?????)
19 September 2016
but it is written at some places that nominal accounts are not balanced. what does that mean?
19 September 2016
the nominal accounts need not be balanced as they are being transferred to Profit & Loss Account OR Income & Expenditure Account, as the case may be.
But, nominal accounts are also balanced......balancing means finding out the balance...that's all...
But, nominal accounts are also balanced......balancing means finding out the balance...that's all...
19 September 2016
cool... thank you sir
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