RESERVE A/c - What is the type of A/c means is this a Personal
A/c or Real A/c or Nominal A/c?
Answers were Sorted based on User's Feedback
Answer / nilesh thakkar
It's a personal account.
The reasons are as under :
1. Real Accounts can not have credit balances.
2. Nominal Accounts can not appear in Balance Sheet.
3. The only type that remains is Personal Account
4. Any type of Reserve is created -- is a charge on Profit.
which belongs to Shareholders. And Share Capital is also a
Personal Account so any reserve is a personal account.
ALWAYS REMEMBER :
ON THE LIABILITY SIDE OF BALANCE SHEET, ONLY PERSONAL
ACCOUNT CAN APPEAR. SO WHATEVER ACCOUNTS YOU SEE ON THE
LIABILITY SIDE OF BALANCE SHEET ARE ALWAYS PERSONAL . NO
NEED TO APPLY YOUR BRAINS EVENIF YOU HAVE ONE.
Is This Answer Correct ? | 78 Yes | 10 No |
Answer / unknown
It's nominal a/c as it is appropriated out of the surplus profits of the firm
Is This Answer Correct ? | 8 Yes | 25 No |
what is fund flow statement??
hi, this is shanthi kumar(M.Com). i would like to attend interview in genpact company.please send finance interview questions and interview details. thank u very much
What is the depreciation rates for all the assets?like plant & Machinery,computers,software,land & buildings
Let me know the liability positions of Partners
Why is Interest A/c debited and Bank a/c credited when interest is charged by the bank?? Here I assume Its an expenses so interest is debited but I don't understand why bank is credited?? Bank is a personal account. Please explain this doubt?
describe any accounting process that you have developed or revised
is provident fund is liability or indirect expenses for employer???
DIFFERENCES BETWEEN MANAGEMENT ACCONTING AND FINACIAL ACCOUNTIG
what is factory account. Descibe in details
while we are paying salary what wil be the entry for tds deduction
Why the provision is considered as expense and reserve is considered as liability even if they both are allocated as precautionary for specific and general purpose? pls Explain.
Define partitioning in accounting?