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  • INTERVIEW QUESTIONS ACCOUNTS ACCOUNTING DETAILS
    Question :
    What is the difference between personal account real account and nominal account?
    Category Accounting Interview Questions
    Rating (0.2) By 256 users
    Added on 8/10/2011
    Views 461
    Rate it!
    Answers:

    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, Indian bank, outstanding rent. ,. First category of transactions belongs to personal accounts RULE: debit the receiver and credit the giver Real accounts include things in the business i.e. assets. Second 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



    Personal : Debit the receiver; Credit the giver.

    Real : Debit what comes in; Credit what goes out.

    Nominal : Debit all expenses & loses; Credit all incomes & gains.



    Posted by: Sridhar    

    Contact Sridhar Contact Sridhar

    Personal account : The account related to the person is called personal account for example Ram , Rahim, bank ,outstanding Rent Extra these all come under Personal account
    Rule :

    ? DR ? the Reciever
    ? CR ? the Giver

    Real Account :The Account includes all the transaction related to the thing in the Business. ex: buildings, machinery, cash etc these all Come under the Real account
    Ex: - rent paid, rent received, bad debts, profit on sale of an asset.
    Rule:

    ? DR ? what comes in
    ? CR ? what goes out

    Nominal Account : The Account which includes all the transaction related to Expenditures, and incomes.

    Rule:

    ? DR ? all the expenses and losses
    ? CR ? all the incomes and gains.



    Posted by: mas    

    Contact mas Contact mas

    Personal account : The account related to the person is called personal account for example Ram , Rahim, bank ,outstanding Rent Extra these all come under Personal account
    Rule :

    ? DR ? the Reciever
    ? CR ? the Giver

    Real Account :The Account includes all the transaction related to the thing in the Business. ex: buildings, machinery, cash etc these all Come under the Real account
    Ex: - rent paid, rent received, bad debts, profit on sale of an asset.
    Rule:

    ? DR ? what comes in
    ? CR ? what goes out

    Nominal Account : The Account which includes all the transaction related to Expenditures, and incomes.

    Rule:

    ? DR ? all the expenses and losses
    ? CR ? all the incomes and gains.



    Posted by: mas    

    Contact mas Contact mas

    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, Indian bank, outstanding rent. ,. First category of transactions belongs to personal accounts RULE: debit the receiver and credit the giver Real accounts include things in the business i.e. assets. Second 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


    Personal : Debit the receiver; Credit the giver.

    Real : Debit what comes in; Credit what goes out.

    Nominal : Debit all expenses & loses; Credit all incomes & gains.



    Posted by: s.harikumar reddy    

    Contact s.harikumar reddy Contact s.harikumar reddy

    Nominal Account: debit includes all losses and expenses & credit includes all gains/profit and incomes.
    Real Account: debit what comes in and credit what goes out.
    Personal Account: debit is the receiver and credit is the giver.



    Posted by: Akhil Yadav    

    Contact Akhil Yadav Contact Akhil Yadav

    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, Indian bank, outstanding rent. ,. First category of transactions belongs to personal accounts RULE: debit the receiver and credit the giver Real accounts include things in the business i.e. assets. Second 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



    --------------------------------------------------------------------------------

    Personal : Debit the receiver; Credit the giver.

    Real : Debit what comes in; Credit what goes out.

    Nominal : Debit all expenses & loses; Credit all incomes & gains.




    Posted by: shibu john    

    Contact shibu john Contact shibu john

    Personal account : The account related to the person is called personal account for example Ram , Rahim, bank ,outstanding Rent Extra these all come under Personal account
    Rule :

    ? DR ? the Reciever
    ? CR ? the Giver

    Real Account :The Account includes all the transaction related to the thing in the Business. ex: buildings, machinery, cash etc these all Come under the Real account
    Ex: - rent paid, rent received, bad debts, profit on sale of an asset.
    Rule:

    ? DR ? what comes in
    ? CR ? what goes out

    Nominal Account : The Account which includes all the transaction related to Expenditures, and incomes.

    Rule:

    ? DR ? all the expenses and losses
    ? CR ? all the incomes and gains.



    Posted by: E.shravan kumar    

    Contact E.shravan kumar Contact E.shravan kumar

    Personal account : The account related to the person is called personal account for example Ram , Rahim, bank ,outstanding Rent Extra these all come under Personal account
    Rule :

    ? DR ? the Reciever
    ? CR ? the Giver

    Real Account :The Account includes all the transaction related to the thing in the Business. ex: buildings, machinery, cash etc these all Come under the Real account
    Ex: - rent paid, rent received, bad debts, profit on sale of an asset.
    Rule:

    ? DR ? what comes in
    ? CR ? what goes out

    Nominal Account : The Account which includes all the transaction related to Expenditures, and incomes.

    Rule:

    ? DR ? all the expenses and losses
    ? CR ? all the incomes and gains.



    Posted by: srikanth kama    

    Contact srikanth kama Contact srikanth kama

    Personal Account means included personal and also the business.It deals with personal and firm,companies.

    Nominal account deals with expenses and losses

    In personal account debit what comes in and credit what goes out.

    In Nominal account Debit All expenses and losses"
    and
    Credit "All incomes and gains"



    Posted by: Archana Thange    

    Contact Archana Thange Contact Archana Thange

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