Question

Classify real accounts,personal account and nominal accounts​

Answer 1

Hello dear!!!!!

Gd evening....

Answer:

Personal Account :These accounts types are related to persons. These persons may be natural persons like Raj’s account.

Real Accounts :These account types are related to assets or properties. They are further classified as Tangible real account and Intangible real accounts. For Example – Furniture purchased by an entity in cash. Debit furniture A/c  and credit cash A/c.

Nominal Account :These accounts types are related to income or gains and expenses or losses. For example: – Rent A/c

Hope it helps u.