How to identify ?

Repected all members of CAclub,

I have a little doubt on how to identify the nature of any account?

Whether any account is real, nominal or real?

Do you know any website that will be helpful?

Can you pls help me regarding this matter?

 

THANKYOU WITH WARM REGARDS FROM BEAUTIFUL MERILYN

Replies (2)

Real Accounts are those accounts which are Tangible Assets. For Example : Cash A/c

Personal Accounts are those accounts which are of any individual, organisation. For Exampe : Sundry Debtors, Sundry Creditors, 

Nominal Account is the account which represents profits, expenses, incomes, gains. For Eg : Rent A/c

Salary A/c.

 

Regards,
Devendra Kulkarni

 

Real account--- Debit  What Comes in,Credit  what goes Out

                              Eg : Cash

Personal Account ----  Debit the Receiver, Credit the giver

                              Eg : Sundry Debtors, Sundry Creditors

Nominal Account----- Debit all expenses, Credit all Income & Gains

                             Eg : Expenses and Incomes

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