What is the nature of deficiency account?? Is it personal real or nominal account??
srinivasan ak (149 Points)
19 March 2019What is the nature of deficiency account?? Is it personal real or nominal account??
Lisha Bansal
(CA Finalist)
(2595 Points)
Replied 19 March 2019
Deficiency account is prepared to show total losses of company on account of various reasons. It is just a statement and does not follow principles of double entry.
Thus, it would not fall into any category you mentioned above.
Priya Kashyap
(Student)
(7048 Points)
Replied 19 March 2019
srinivasan ak
(149 Points)
Replied 19 March 2019
srinivasan ak
(149 Points)
Replied 19 March 2019
Lisha Bansal
(CA Finalist)
(2595 Points)
Replied 21 March 2019
Sorry for replying a little late. It can be nominal account in that case.
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