RESERVE A/c - What is the type of A/c means is this a Personal A/c or Real A/c

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?

Question Posted / bg

3 Answers
22980 Views
BPO, I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

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?..

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

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?..

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

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?..

Answer / navin

ITS A REAL A/C

Is This Answer Correct ?

13 Yes

42 No

Post New Answer

More Accounting General Interview Questions

What are mis reports and do you prepare it?

0 Answers

what is tax invoices

1 Answers

give me some simple examples of personal account, real account, nominal account

2 Answers TATA,

Under the accrual basis of accounting, when revenues are reported in the accounting period?

0 Answers

I Want to Submit My Income tax return by efilling Personally,Can it possible. if yes please send me your help to submit the same.I Can calculate my computation of income.

1 Answers

Interest received 5,000 and still receivable Rs. 2,000 PLease give journal entry for this!

0 Answers

Do you know company's payable cycle?

0 Answers

sir , i am very confussing enrty for cash receipts in t code fbcj. do the effect on wbs element after selected wbs ?

0 Answers

what will be the entry for inventory

0 Answers Accenture,

If drs are deducting amt as TDS , how entry will be passed in books? pls clarify

2 Answers HLL,

how we will make the invoice agt the material sold to other party with the VAT adjustment. Also please pass the journal entry of all process.

1 Answers Hitachi,

Tell me what is the equation for acid-test ratio in accounting?

0 Answers

For more Accounting General Interview Questions Click Here