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i was asked to journalise nominal accounts please give me
the answer with examples so dat its easy for me 2 understand
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Answer / guduri
All nominal accounts deal with transactions related with
Income and expenditure of a business. Blind way of
understanding is you have to debit all business related
expenses and losses happening due to unforseen happenings
and credit all incomes and gains of the business
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / vivek mohan nair
Nominal accounts means all transactions realated to income
and expenses -- golden rule for nominal account is debit
all expenses and loses and credit all income and gain.
Nominal account examples are rent , salary, interest etc...
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / gayasree
Accounts are divided into two types that are personal a/c and impersonal a/c nd this impersonal a/c has two types that are real a/c and Nominal accounts here norminal a/c are related to two things that are
1)Expenses, loses..... Dr
2) Income, profit..... Cr
Ex÷ salary a/c, commission a/c, interest received a/c... etc
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