Question

Classify the following accounts under the types of personal,Real and nominal account. legal expenses AIC,Drawing AIC,Royalty AIC,Repairs AIC,Computer AIC,Salary AIC,Capital AIC,Audit fees AIC,Bank of India ALC,Freight AIC,Income tax AIC
pls tell me​

Answer 1

ANSWER :

• Legal Expenses A/C ➺ Nominal Account

• Drawing A/C ➺ Personal Account

• Royalty A/C ➺ Nominal Account

• Repairs A/C ➺ Nominal Account

• Computer A/C ➺ Real Account

• Salary A/C ➺ Nominal Account

• Capital A/C ➺ Personal Account

• Audit Fees A/C ➺ Nominal Account

• Bank of India A/C ➺ Personal Account

• Freight A/C ➺ Nominal Account

• Income Tax A/C ➺ Nominal Account

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KNOW MORE :

❒ Under English Approach or Traditional Approach, there are three types of accounts. These are as follows :-

• [1] Personal Accounts : Accounts heads pertaining to persons, firms, companies, organizations etc. are called Personal Accounts. It includes the accounts such as Ram's A/C, Gauhati Commerce College A/C etc.

• [2] Real Accounts : Accounts heads recording transactions relating to tangible things are known as Real Accounts. It includes the accounts of Machinery A/C, Cash A/C, Building A/C, Bank A/C etc.

• [3] Nominal Accounts : Accounts heads recoding transactions relating to losses, expenses, incomes and gains are known as Nominal Accounts. It includes Wages A/C, Rent A/C, Salaries A/C, Miscellaneous Expense A/C etc.