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
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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