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What is the difference between Personal account, Real
Accounts and Nominal account?

Answers were Sorted based on User's Feedback



What is the difference between Personal account, Real Accounts and Nominal account?..

Answer / satish

personal a/c are those which uses the names of individuals
or place
ex; ramesh, taj mahal etc.

Real a/c are those which concentrated with assets
ex; buildings, machinery, furnitures etc..

Nominal a/c are those which concentrated with income, expenses,

ex; salaries, commission, etc...

Is This Answer Correct ?    33 Yes 4 No

What is the difference between Personal account, Real Accounts and Nominal account?..

Answer / sai

personal account: debit the receiver &credit the giver
real account: debit what comes in & credit what goes out
nominal account: debit all expancses and losses and credit all profits & gains

Is This Answer Correct ?    2 Yes 1 No

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