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Explain kinds of accounts
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Answer / kamal chandra tiwari
There are three types of account
1.Personal Account ( Debit the receiver & credit the Giver)
Bank,Firm,Trust,person,etc.
2.Real Account ( Debit what comes in & Credit what Goese
out)Ex. Furniture, Machinery, etc.
3.Nominal Account( Debit all losses & exp.& credit all
incomes gains.Capital, Asests, cash, bank cash etc,
| Is This Answer Correct ? | 19 Yes | 2 No |
Answer / neeraj
Real Account : Like Bank, cash account which is actual
account Physically can see.
Personal Account : Like Vendor account, these can be
created as Person name
Nominal account : Physically can't see. dabtors etc
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / satyaki_raju@yahoo.com
Learn and follow chronological order.The question is
explain kinds of accounts.If you list the names that is
enough.If you add rules of debit and credit it will be well
and good. Outstanding account is not Nominal account
Outstanding and payables belong to representative personal
accounts.
More over I am advising you to try to answer or post
question thru your e-mail. Thru this you can glance the
status of your answer.
| Is This Answer Correct ? | 10 Yes | 5 No |
There are mainly three types of account
1. Real Account
2. Nominal Account
3. Personal Account
Ex of Real account -- Bank Account
Ex of Personal Account -- Capital Account, Drawings Account
Ex of Nominal Account -- Outstanding account, Payable accounts
| Is This Answer Correct ? | 15 Yes | 15 No |
distinguish between Bill of Exchange and Promissory Note
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Please let me know the journal entry for the below. "A" paid Rs.100 to "C" on behalf of "B"?
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How to Prepar Balance sheet?
DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
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