Balance Sheet comprise of items of: a) Personal A/C b) Real A/C c) Nominal A/C d) Personal & Real A/C e) Real & Nominal A/C f) Personal & Nominal A/C g) All the Personal, Real and Nominal A/C
The items of balance sheet refer what kind of accounts like BUILDING (Asset) - Real Account, Debtor - Personal A/C so on. So Real, Nominal, Personal all come to Balance sheet or not?
A Real Account is a general ledger account relating to Assets and Liabilities other than people accounts. These are accounts that don’t close at year-end and are carried forward. An example of a Real Account is a Bank Account. A Personal account is a General ledger account connected to all persons like individuals, firms and associations. An example of a Personal Account is a Creditor Account. A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains. An example of a Nominal Account is an Interest Account.
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