What is the nature of deficiency account?? Is it personal real or nominal account??
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Nature of account
Replies (9)
nominal account!
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.
Lisha ma'am but it must be carrying estimated realization values of assets and their insufficiency to meet creditors' claims and occasionally indicating the causes of the difficulty.
can't it be said that balance of nominal?
can't it be said that balance of nominal?
Thanks a lot. Please confirm me once answer is finalized. Which one is right.
Thanks a lot. Please confirm me once answer is finalized. Which one is right.
Please confirm is it not nominal account??
I am also waiting still 👀
Sorry for replying a little late. It can be nominal account in that case.
Thank you
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