Interested to Buy Any Domain ? << Click Here >> for more details...
RESERVE A/c - What is the type of A/c means is this a Personal
A/c or Real A/c or Nominal A/c?
- 3 Answers
- 23292 Views
- BPO, I also Faced
- E-Mail Answers
Answer Posted / nilesh thakkar
It's a personal account.
The reasons are as under :
1. Real Accounts can not have credit balances.
2. Nominal Accounts can not appear in Balance Sheet.
3. The only type that remains is Personal Account
4. Any type of Reserve is created -- is a charge on Profit.
which belongs to Shareholders. And Share Capital is also a
Personal Account so any reserve is a personal account.
ALWAYS REMEMBER :
ON THE LIABILITY SIDE OF BALANCE SHEET, ONLY PERSONAL
ACCOUNT CAN APPEAR. SO WHATEVER ACCOUNTS YOU SEE ON THE
LIABILITY SIDE OF BALANCE SHEET ARE ALWAYS PERSONAL . NO
NEED TO APPLY YOUR BRAINS EVENIF YOU HAVE ONE.
| Is This Answer Correct ? | 78 Yes | 10 No |
Post New Answer View All Answers
what is the difference between profit center area and business are.? please make me clear.
in insolvency we have to prepare deficiency account but why we do not prepare this account as per general principle i.e Dr Cr To By etc , and deficiency account is which account?
what is payment written
pls let me know double entry of 'LEASING"
What are the effects of international accounting standards on accounting practices of developing nations?
Do you know what is a cpa?
What is the equation for acid-test ratio in accounting?
what is inter-company transaction? what is Inter-Branch transaction?
Is the shadow balance present in bank account always credited or bank may reverse it as well?
What are the 4 principles of gaap?
what is subscription order
Explain me the difference between accounting and auditing?
Which accounting application you prefer most and why?
Where do we show "Dividend paid in FFS ,either in FFO or in FFS? what is teh concept behind?
A factory uses annually 24,000 units of a raw material which costs Rs. 1.25 per unit. Placing each order costs Rs. 25 and carrying cost is 6% per year of the average inventory. (a) Find the economic order quantity and the total inventory cost including the cost of material.
