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
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Query regarding Balance Sheet
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Please elaborate
Balance Sheet comprise of d) personal and real a/c. Nominal accounts are not party of balance sheet as they related to income and expenses.
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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