Question

Classify the following into personal or real or nominal

Answer 1

Answer:

Real Accounts

Real accounts represent the assets both tangible and intangible.

For Example: Bonds purchased property and building, cash in hand etc.

Nominal Accounts

These accounts have no existence in real life but just a name in the books of account. These are also called proprietary because they are related to business proprietor.

For Example: Salary Accounts, Discount Accounts, Rent Accounts etc.