Question

Explain Real Accounts. List Different Accounts Consisting Real Accounts In Practical Circumstances.?

Answer 1

Personal Accounts are the accounts of persons or organisations with whom the organisation deals in various capacities.

Answer 2

Answer

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Real Accounts :-

•Real answer of two types :- A) real accounts related to Assets and B) real accounts related to goods.

•Real accounts related to assets always your Debit balance.

•in case of real accounts relating to goods, purchase accounts, opening stock and sales returns account show a Debit balance.

•But sales account and purchase return account have a credit balance.

•Closing stock is given outside the trial balance.

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