ani30481

 Profile Answers by ani30481 

• Mar 24th, 2006

 

Hi.

If somebody goes into the basics of the accounts, will automatically come to know the difference between the personal and nominal accounts.

Personal A/c means : debit the receiver & credit the giver.

Nominal A/c means : debit all expenses and losses & credit all gains and incomes.

if want more info. reply to this answer with your email address.

George

• Mar 29th, 2006

 

Can you please also explain what a real account is? Why does miscellaneous expenditure appear is the asset side of the balance sheet?

Thanks,

George

vikas

• Apr 4th, 2006

 

Real Account means- Debit the Receiver

Credit the Giver

sundar

• Apr 22nd, 2006

 

Golden Rule

Personal account:debit the receiver 

                       :Credit the giver.

Real account     :Debit what comes in

                       Credit what goes out.

Nominal account:Debit all expenses and losses
                       Credit all incomes and gains

MANISH

• Jun 10th, 2006

 

1.Personal account:-That account which is real person,artificial person are the called personal account
ex- Sushil account, Mahesh account.

2.Real account;-real account are two type;which has physical shape are called tangible and which are not touchable are called non tangible.

3.Nominal account;-in nominal account all the profit&loss,
expenses and income are comes

Shruti

• Jul 31st, 2006

 

Golden rules.

PERSONAL A/C-Debit "the receiver" and

                     Credit "the giver"

REAL A/C- Debit "what comes in" and

               Credit "what goes out"

NOMINAL A/C- Debit "All expenses and losses" and

                    Credit "All incomes and gains"

    

Ye

• Nov 17th, 2006

 

Both real & nominal account are business personnel account, the accounts on balance sheet are real account, the accounts on income statement are nominol account.

Vinod Cv

• Dec 18th, 2006

 

i want to know all types of accounts, their nature , the type of transactions which can occur on this accounts , with examples.

can you pls help

k kent

• Apr 20th, 2007

 

 Is it cash account real account or nominal account?

abduljabbarpm

• May 26th, 2007

 

Personal Accounts: Accounts dealing in the name of persons, company etc.
Real Accounts: Accounts dealing in the name of which one exists. example Cash, Furniture, etc.
Nominal Accounts: Account dealing with one we cannot see, touch - example: Salary, Electricity Charges, Rent etc.

chhotu

• May 27th, 2007

 

cash account is real account

Raju Paul

• Jun 15th, 2007

 

Hi
Can you tell me what is real account, personal account and nominal account and also the journals.

You know First In, First Out (FIFO) method,
Some one asked me a question that a company follow the FIFO method. And sold a product and after 15 days customer returned the product but during these 15 days company received stock. Now what the company will do should sale the return product or sale the new stock.

Date Purchase sale
2nd 0 pic 01pic
4th 20 pic 15pic
7th 15 pic 11pic
15th 5 pic 08pic

Now on 2nd what the good sold out is returned by the customer. Now should company follow the FIFO method and resale the return product or sale the remaining stock? Please solve this

Yeshi

• Jun 18th, 2007

 

FIFO means first in first out Meaning the earliest goods you bought are the first one you sell (Merchandise Inventory).

anitha

• Jul 7th, 2007

 

Mis exp is expenses which income is extened to some period which is not known.
For ex: deferred revenue expenses. This is shown on asset side of balance sheet.

rama krishna

• Jul 17th, 2007

 

The total business transactions are divided in to three They are

Transactions related to persons
Transactions related to Things
Transactions related to incomes & expenditures

In accountancy we have three types of accounts they are - personal, real, nominal

Personal accounts refers to all the transactions related to natural persons, artificial persons and representative persons ex:- rama, ravi, andhra bank, outstanding rent. ,. Ist category of transactions belongs to personal accounts
RULE : debit the receiver and credit the giver
Real accounts includes things in the business i.e. assets. IInd category of transactions related to

Real accounts ex: buildings , machinery , cash etc..
RULE: Debit what comes in and credit what goes out

Nominal accounts includes all the transactions related to expenditures , incomes, losses and profits . ex:- rent paid, rent received, bad debts, profit on sale of an asset.
RULE: Debit all expenses and losses and credit all incomes and profits

ahamed786

 Profile Answers by ahamed786 

• May 16th, 2008

 

Personal account deals with Individuals,firms,companies
Real Accounts deal with assets
Nominal accounts deal with expenses and incomes

cselva76

 Profile Answers by cselva76 

• May 31st, 2008

 

Personal account is deals with Individuals,firms,companies Real Accounts deal with assetsNominal accounts is deal with expenses and incomes

ravi.sankhyan

 Profile Answers by ravi.sankhyan 

• Jun 3rd, 2008

 

Personal accounts are those accounts which represents any person, artificaial person or they have their own entity like, bank, any authority orany person, real accounts are thiose account which counts all asstes of a firm like furniture and cash etc. And nominal accounts are those accouns which represents all income and losses  

Manik

• Oct 22nd, 2011

 

PERSONAL ACCOUNT : In simple words, this Account Related with the Person. Personal account is deals with Individuals,firms,companies.

Debit "the receiver" and Credit "the giver"

REAL ACCOUNT : Real Account related with Assets.

Debit "what comes in" and Credit "what goes out"

NOMINAL A/C : Real Account related with expenses and losses

Debit "All expenses and losses" and Credit "All incomes and gains"


debit the reciver and credit the giver

balaji

• Oct 24th, 2011

 

personal account is which are related to both (natural and artificial) is known as personal account.
ex:- andhrabank account, ramu a/c etc.,

Real account is which are related to properties or assets is known as real account.
ex:- land&buil, machinery, building etc.

rohini kumar sain

• Nov 5th, 2011

 

real account mean that account which is been related to assets (but not debt ) is called real account . the rule for real account is debit what come in and credit what goes out

ubaid

• Nov 22nd, 2011

 

I think personal a/c s used for personal things and real a/c s used for asset & other real things. nominal a/c s used for any general a/c..

Ranjita Mohapatra

• Nov 23rd, 2011

 

According to British approach:

Accounts is of 3 types:-
1.Personal
2.Nominal
3.Real

Personal a/c is always related to persons including artificial persons.For ex:ram,jita,Capital,drawings etc...
Real a/c refers to tangible or intangible assets.
Nominal a/c refers to all income and expenses

Golden rules:

Personal a/c-Debit the receiver
credit the giver

Nominal a/c-debit the expenses
credit the incomes

Real a/c-debit what comes in
credit what goes out

SK.KHADAR

• Feb 2nd, 2012

 

According to accounting principles:Accountancy is divided into 2 types.they are
1.Personal account
2.Impersonal account

1.Personal account:
---------------------------
Personal account defines name of the person or a thing or a place.

2.Impersonal account:
-------------------------------
Impersonal account is divided into 2 types.they are
a)Real account
b)Nominal account

vijay

• Feb 21st, 2012

 

Personal account - Debit the receiver & credit the giver,
Real account - Debit what comes in & credit what goes out,
Nominal a/c - Debit expenses and losses & credit profit and gains

Roli Mishra

• Jun 6th, 2012

 

Real A/c means - Debit what comes in &
Credit what goes out

pushpa c bonal

• Jun 7th, 2012

 

Personal a/c debit the receiver credit the giver
real a/c what comes in debit what goes out credit

venkataramanaswamy

• Jun 14th, 2012

 

Personal account is debit the receiver and credit the giver, and real account is what comes in debit and what goes out credit and nominal account is expenses and assets is debit and incomes and gains in credit.

julie ranger

• Jul 25th, 2012

 

Example of how you reached a practical decision by reviewing of the facts and weighing of options

Describe a time when you used your skills (which is Administrative Assistant) to help a team or project group accomplish its goal. Be specific in describing your behavior by explaining what you did to help the team or project group accomplish its goal and how you helped manage a resolve conflict in a positive and constructive manner

julie ranger

• Jul 25th, 2012

 

Tell me about a time when something you tried to accomplish failed. How did you deal with the failure? What did you learn from the failure?

Reetika Taneja

• Feb 5th, 2013

 

PERSONAL ACCOUNTS: Natural person a/c- which relates to natural person like Peter, Robert etc.
Artificial personal a/c-which relates to artificial persons which do not have physical existence such as firms a/c , companies a/c's etc.

Representative personal a/c's - which relates to particular person or group of persons such as outstanding salaries a/c in this case instead of using names of employees whose salary is outstanding well be crediting outstanding salaries a/c.

RULE: Debit the receiver
credit the giver

REAL ACCOUNT-relates to that entire thing which exists and whose value can be measured in terms of money.
Tangible real accounts are those which have physical existence. example building a/c, machinery a/c etc.
Intangible real accounts are those which have no physical existence. example patents a/c, goodwill a/c, copyrights a/c etc.

Rule: Debit what comes in
Credit what goes out.

NOMINAL ACCOUNT: These accounts record a traders expenses or losses and incomes or gains.

RULE: Debit all expenses and losses
Credit all incomes and gains

khirod kumar

• Apr 5th, 2013

 

Golden Rule

Personal account:debit the receiver

:Credit the giver.

Real account :Debit what comes in

Credit what goes out.

Nominal account:Debit all expenses and losses
Credit all incomes and gains

SRUTHI

• Apr 17th, 2013

 

Personal a/c: In this account enter transactions related to persons.

Real a/c: in this account we should enter transactions related to assets.

Nominal a/c: In this a/c we should enter transactions related to Income & expenses.

sudhakar

• Apr 30th, 2013

 

good will is..................................... account

Girija B

• May 27th, 2013

 

Goodwill is real account

Rupendra bharti

• May 29th, 2013

 

Personal A/c- there are 2 types of persons i.e natural and artificial.Account is related to both these types of persons.
Ex- 1) Ram,Mohan,sita,sujal etc. 2) Pankaj & Sanjay A/c, Prepaid a/c, Capital a/c, SBI A/c etc.

Real A/c: All those accounts,which are not personal accounts are called Impersonal or Real A/c. a)tangible & b)Intangible real account. a)Cash a/c ,purchase a/c,furniture a/c b) goodwill,Patent,trade marks etc.

Nominal a/c: it is reverse to the real a/c.it do not have any existence. ex-Rent a/c,Wages a/c,Salaries a/c etc.

Mayank Jain

• Jun 11th, 2013

 

Real Account: The elements or accounts that represents asset.
Personal Account: It represents person (Artificial, Human or created by LAW)
Nominal Account: It represents expenses, incomes, gains and losses.

shubham

• Jul 14th, 2013

 

Personal A/c (question)
1. Cash deposit in SBI bank Rs 500
2. Cash deposit in PNB bank Rs 500
3. Computer purchase Rs 1500

Nominal A/c
1. Scooter purchase Rs 3500
2. Printing & stationary Rs 500
3. Car purchase Rs 3,00.000
4. Salary paid Rs 1500

Real A/c
1. Generator purchase Rs 2500
2. Travelling expenses Rs 1000
3. Postage telegram Rs 800

Naveen Meharshi

• Aug 8th, 2013

 

Personal A/c - It stands for a particular person (Ledger:- if we pay the money to someone then we will be credited and that person will be debited to whom money is being paid )

Real A/c - It stands for Fixed assets which is intangible.

Nominal A/c:- It stands for expenses/Losses and income/Gain..

krishnajayaraj

 Profile Answers by krishnajayaraj 

• Oct 8th, 2013

 

personal accounts stand for Person - Debit what comes in and Credit what goes out

nominal accounts stand for Asset - Debit always expenses/Loss and Credit always gain/profit

Varghese George

• Nov 10th, 2013

 

Personal Accounts are accounts related to an individual,banking establishment...etc.The rule for identifying personal accounts will be

The reciever will be debited and the giver will be credited

GAUTHEM

• Jan 28th, 2014

 

Personal accounts is related with persons, banks, office etc.
debit the receiver and credit the giver.

Real account means if any comes in company it is debited, and out going transaction is credited

Debit what comes in , Credit what goes out.

Nominal account means all expense occur in business is debited, and incomes came in business is credited
Debit all expense, Credit all incomes..

Harshal

• Mar 28th, 2014

 

Real A/c - Debit all exp and loss, Credit all income and gains.

kaseeswar

• May 29th, 2014

 

Personal Ac Principles Debit the Receiver, Credit the Giver,
Real Ac Principles Debit what comes in ,Credit what goes out,
Nominal Ac Debit all expenses and losses, Credit all Incomes and Gains.

priya

• Jul 12th, 2014

 

Personal a/c : debit the receiver credit the giver
Real a/c : debit what comes in credit what goes out
Nominal a/c : debit all expenses and losses credit all incomes & gains

Akshata R m

• Sep 22nd, 2014

 

Real a/c is type of accounting . it is real account which is including assets of business in permanently ,that reason debit what comes and credit what goes out .it is rule of real a/c
example - machinery a/c ,furniture a/c ,

NOHA

• Oct 21st, 2014

 

Nominal Accounts
A nominal account is an account that is used during an accounting period to summarize the cash coming into the company and being paid out of the company for that time period. Nominal accounts are reported on the income statement, which is the financial statement that tells how much money a company made or lost in a given time period. In a nutshell, nominal accounts are any revenue and expense accounts that a company has.

At the end of each accounting period, nominal account balances are zeroed out so that these accounts can begin the next accounting period with a clean slate. The entire purpose of a nominal account is to track the revenue and expenses for a company so that the net profit or net loss for a specific period can be calculated. Examples of nominal accounts are service revenue, sales revenue, wages expense, utilities expense, supplies expense, and interest expense.

ram

• Nov 11th, 2014

 

ram krishna : how outstanding rent be personal ac

Dayanand.m.Gorta(B)

• Nov 30th, 2014

 

Golden Rules of Accounting
PERSONAL ACCOUNT – These are accounts of
parties with whom the business is a carried on.
Personal accounts may be:
Accounts of natural or physical persons.
Ex: Rama Account, Krishna Account
Accounts of artificial or legal persons. Ex:
ABC & Co.
Representative personal account. Ex: O/S
Expenses Account, O/S income Account,
Prepaid Expenses Account, Income
Received in Advance.
Rules of Accounting:
Debit the Receiver
Credit the Giver
Real Account – These are asset accounts that
appear in the Balance Sheet. They are referred
to as Real Account (or Permanent Accounts) as
these are owned by businesses and the balances
in these accounts at the end of an accounting
period will be carried over to the next period. Ex:
Cash Account, Land Account, Building Account
etc.
Rules of Accounting:
Debit what comes in
Credit what goes out
Nominal Account – These are accounts of
expenses and losses which a business incurs
and income & gains which a business earn in the
course of business. Ex: Rent Account, Interest
Account.
Rules of Accounting:
Debit all expenses and losses
Credit all income and gains

khaalidcabdiraxmaan

• Dec 3rd, 2014

 

difference types of personal account

muhammedazharddin

• Jan 3rd, 2015

 

thank you so much.such a kind knowleege shared on online.would you like send me some more details about personnel real and nominal accounts with examples on my emails.
i hope you reply this email
thanks
Regards Azhar

V T

• Jan 14th, 2015

 

PERSONAL ACCOUNTS refers to persons ,debtors,creditors for eg: Ram, shayam and co., etc
REAL ACCOUNTS refers to assets of firms but not debt....generally this includes such ac with can be touched and seen ..like cash,machinery,land building,FD etc.

V T

• Jan 14th, 2015

 

DIFFERENT TYPES OF PERSONAL ACCOUNTS ARE:-
(A)Natural personal accounts: it relates to human beings like Ram ,Shayam etc.
(B)Artificial personal accounts: They are recognized as persons in the eye of law for dealing with other persons .like companies government etc.
(C)Representative personal accounts: They not any name of person or organisation but are presented as personal accounts .These type of personal accounts are formed when any suffix or prefix(outstanding,prepaid,advance) is added in nominal accounts like O/s exp. , prepaid exp.

JAI

• Feb 25th, 2015

 

real account means please explain the formula

Nimay

• Aug 25th, 2015

 

What kind of account is Trading A/c and why?

Harsha vardhan reddy

• Aug 30th, 2015

 

Classification of Accounts
1. Personal Accounts: The accounts which relate to an individual, firm, any organization, company, any institutions or group of people are called personal accounts.(vyaktigata)
Personal account is classified further into three categories:-
1. Natural Personal Account:- It relates to transaction of human beings Example : Prashanth , Prabhas , Akbar , Robert ,etc
2. Artificial Personal Account:-These account do not have physical existence has human beings but they work as personal account (Firm name, company name or any institutions) Examples: Prashanth & Co’s A/c , Ram & Co’s A/c , SBI bank, Axis Bank, Clubs, Co-operative societies.
3. Representative Personal Account: These are not in the name of any person or organization but are represented as personal account. When an account represents Group of persons, it is termed as representative personal account. Example outstanding salary, salary paid in advance etc.
(
Rules for personal Account
Debit the receiver
Credit the Giver

Exercise work on Personal accounts:
Mr. Anil, Bank, Anita, Mrs. Ramya, Mr. Varun, Rama, syndicate bank, Radhika, swathi, Mahesh ,suchitra , Nikhil, Dinesh, Sonu,Prashanth etc.
2. Impersonal Accounts: Accounts which are not personal accounts, cash, rent etc. this is further divided into two types:
1. Real Accounts: - (Accounts which related to the assets of the Firm) the accounts of all those things whose value can be measured in terms of money and which are the properties of the business are termed as real accounts. .These account indicates the financial position of the business. Examples: cash in hand, land, building, furniture, investment, fixed deposits, goodwill, copy rights, patents etc.(sampatti)
2 types of assets
( 1. all usable things in the business , ((2.Responsible to receive – accounts receivable, bills receivable, debtors , accrued income-personal account)
Rules for Real Account
Debit what comes in
Credit what goes out

2. Nominal Accounts:-these accounts relate to all expenses, losses, profits and gains For example Purchases, salary paid, Rent paid. Postage and stationery, travelling expenses, electricity bill, Advertisement, Sundry expenses, loss by fire, discount received.(kharcom , kho deta hai, & amadani , labha)
Rules for Nominal Account
Debit all expenses and losses
Credit all incomes and gains

dattaram chavan

• Feb 2nd, 2016

 

Real A/c means debit what comes and credit what goes out.

Giselle

• Feb 13th, 2016

 

What account is rental and why?

srinivas

• Mar 28th, 2016

 

I need few things related to accounting concepts. I have couple of statements not getting with which it falls in. Below are the situations, can you tell me which concept it comes in

Given here are a few situations:
a. Inventory is recorded at its purchase price. (Conservatism concept)
b. Financial Statements are prepared on an annual basis.
c. Personal and business transactions are separately maintained. (Entity Concept)
d. Expenses are recognized in the same period as the related revenues.
e. The death of the chief executive officer of the company is not recorded in accounts. (Money measurement concept)
f. In case of doubt, it is considered better to understate rather than overstate income. (Conservatism)
g. Assets are not stated at their liquidation value.
h. The accounting records only events that affect the financial position of the entity and at the same time can be reasonably determined in monetary terms.
i. Same treatment is given to comparable transactions from period to period. (Periodicity Concept)
j. Revenue is recognized when it is earned and expense is recognized when it is incurred. (Accrual concept)

manish kumar

• Apr 27th, 2016

 

Personal A/C - debit the receiver
Credit the giver
Real A/C - debit whats comes in
Credit whats goes out
Nominal A/C - debit all expenses &losses
Credit all income & gains

Aman pal (Amit bhagel S.P)

• Sep 15th, 2016

 

PERSONAL A/C
-DR.is the receiver
-CR. is the giver.

NOMINAL A/C:
-All expense & losses are DR.
-All income, profit & gain are CR.

REAL A/C:
-DR. whats come in.
-CR. whats goes out .