Question

Classify these terms into personal,real and nominal a/c only!

Answer 1

Personal accounts - No need to define as the name suggests..it also includes representative accounts..

Real accounts - All Assets and liabilities come under This

Nominal accounts - All expenses and losses,incomes and Gains come under this


So..

Real accounts from the above list are..

Liabilities 3,6, 7,1 1,22,24,34,44,48,60,65,



Assets 2,8,10,15,16,17,23,30,31,33,35,4 0,41,42,43,4 5,47,49,51,53,67,70.



Nominal accounts from the above list are...

Expenses 4,5,9,13,14,18,21,28,29,32,36,39,52,54,
56,57,59,62,63,6 4,6 6,6 8,69.

Income 1,27,37,38,55,58,

Losses 25,46,50,6 1,

Gains 12,26,



Personal accounts from the above list are

19,20