vinod

• Oct 29th, 2006

 

giving the total out of the company means profit or loss

archana

• Nov 4th, 2006

 

real account includes assets so it is a permanent account

and nominal account is temporory account becoz it includes all loss and gain

bye

Sudhir

• Nov 5th, 2006

 

There are broadly  2 Type of accounts

1. Personnel Accounts

2. Impersonnel Accounts.

Personnel Accounts is an account maintained to record transactions with persons. Based on the classification of the persons personnel account can be of 1. Natural Personnel Account (Mr. Ram, Mr. Robert, Mr.Rahim) 2. Artificial Person (all entities like companies, banks, municipal corporations, all statutory or non statutory bodies) and 3. Representative person:- Representing group transactions for or towards groupd of persons like Salary Payable a/c. Taxes payable account.

This is all in brief about PErsonnel Account.

Where as Impersonnel Account shall be of Two types.

A. Real Account B Nominal Account.

Real Accounts are accounts to record transactions relating to Assets. Like Cash, Plant & Machinery etc., These type of accounts are permanent accounts.

Nominal Accounts are the accounts used to record the transactions relating to Income and Expenses. Like Salary, Power, Sales etc., At the end of the year all the nominal accounts are closed by transferring to Profit and loss account or Income and Expenditure account. The net differnce shall be carried forwarded to Balance Sheet.

Hope this clarifies.

regards

Sudhir

Surender Kumar

• Nov 10th, 2006

 

Good Account

chowdary.thakkella

• Dec 10th, 2006

 

Real a/c is nothing but a asset account.

Debit what comes in, Credit what goes out.

Ex: Mechinary purchaged, Mechinary A/C  debit to
cash A/C.

T.Suresh

• Jan 19th, 2007

 

Hai

Could you please give the correct answer for the given below question with examply.

Three types of Accounts

Real Account Ex:

Personal Account Ex:

Nominal Account Ex:

Rajeshwari.s

• Apr 3rd, 2007

 

Their are 2 other names for real account that is property account and asset account

real account : furniture, building, Plant & machinery

Personal account : o/s wages, bank account, bankoverdraft account

nominal account : Depreciation account, BadDebts account, rent

vijay.rathinavel

 Profile Answers by vijay.rathinavel 

• Mar 10th, 2010

 

Real account includes assets so it is a permanent account and nominal account is temporory account becoz it includes all loss and gain (salary, Rent, insurance etc.,)