Whether Bank Accounts are Personal or Real A/C because in ICAI material it is given as an asset under Real Account and shown in the balance sheet.
But as per golden rule Bank Account represents personal A/C and comes to asset side of balance sheet as Dr the receiver(here bank).
Please explain the correct answer.
Similarly, Whether miscellaneous Exp. Nominal A/C or Real A/C as it is shown in Balance Sheet asset side to write off some deferred Exp like advertising Exp in 5yrs.
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Query regarding Personal/Real/Nominal A/Cs
Replies (1)
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Bank Account: Technically a Personal Account (representing the bank as a legal entity), though it appears as an asset.
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Miscellaneous/Deferred Expenses: These are Nominal Accounts (representing expenses) that are temporarily shown as assets on the Balance Sheet while being amortized over their useful period.
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