explain the classification of accounts with examples
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The accounts related to incomes, gains, expenses and losses are classified as nominal accounts. Examples of nominal accounts include sales account, purchases account, wages account, salaries account, interest account, rent account, gain on sale of fixed assets account and loss on sale of fixed assets account etc.
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Objectives of FEMA:
Objectives of FEMA:The main objective of FEMA was to help facilitate external trade and payments in India. It was also meant to help orderly development and maintenance of the foreign exchange market in India. It defines the procedures, formalities, dealings of all foreign exchange transactions in India.
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