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PLEASE GIVE ME THE LIST OF ACCOUNT TYPES AND THEIR HEADS
RESPECTIVELY.
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Answer Posted / vairamani natarajan
Generally accounts are classified as Personal and Impersonal accounts.
1.Personal accounts are those accounts relating to individual persons, companies, banks etc. For example, Rama, Krishna & Co, Indian Overseas Bank are all Personal accounts.For this, the golden rule is
DEBIT THE RECEIVER; CREDIT THE GIVER.
2.Impersonal accounts are those which are not related to individual persons, companies, banks etc. It is again classified into two - namely Real Account or Property account, Nominal account.
A)Real or property account deals with the property of the organization. For example, cash, furniture, plant and machinery are all property accounts.
For this the golden rule is
DEBIT WHAT COMES IN; CREDIT WHAT GOES OUT
B)Nominal account deals with all other items not coming under the head Personal or Real Account. Left over items are expenses,losses, incomes and gains.The golden rule is
DEBIT ALL EXPENSES AND LOSSES; CREDIT ALL INCOMES AND GAINS.
Example of nominal account - interest paid is an expense, rent paid is also an expense, whereas interest or rent received is an income. Loss arising from sale of any property is also an example of Nominal account.
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