how many types of accounts in accounting language?
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Answer Posted / chandana
In accounting there are mainly two types of accounts such as:
1. Personal Accounts
2. Impersonal Accounts
1.Personal Accounts: It deals with names of the persons,
name of the organisations et. For examples rama a/c, sita
a/c, Sbi a/c, Anand and co a/c etc
2. Impersonal Accounts: Under this there are two types
a. Real Accounts: This deals with all the assets like land,
furniture, buildings etc
b.Nominal account: This deals with all the expenses, losses,
incomes and gains of the business like salaries, commission etc.
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Do I need a waybill in the following case:- If I purchase (on bill) small quantity goods (like artificial jewelry) from one state (say Delhi) and transports it personally (say via flight) to other state (say West Bengal) along with my personal belongings and then I put them to sell through my boutique in that state. Do I need waybill? If yes, what will be the procedure? Do I need to pay entry tax at WB? What will be the procedure? Am I doing anything unlawful while transferring goods personally? Please give your advice. Regards, Manoj
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hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
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