Explain types of account of class 11
Answers
Explanation:
Personal Accounts: The accounts which relate to individuals or person, are known as personal accounts. Personal accounts include the following:
1. Natural Persons: Accounts which relate to individuals. For example. Pavans a'c. S 's a/c etc.
2. Artificial Persons: Accounts which relate to a group of persons or firms or institutions. For example, InfQsys Ltd., Andhra Bank, Life Insurance Corporation of India, Lions Club etc
Note: The proprietor being an individual his capital account and his drawings account are also personal accounts.
Impersonal Accounts: All those accounts which are not personal accounts are impersonal
accounts . This is further divided into two types viz. Real and Nominal accounts.
Real Accounts:Accounts relating to properties and assets which are owned by the business concern are. Real accounts, which include tangible and intangible accounts. For example, Land. Building, Machinery, Furniture, Stock. Goodwill etc.
Nominal Accounts: These accounts do not have any existences form or shape. They relate to incomes and expenses or gains and losses of a business concern. Salary Account Commission Account, Rent Account, Discount Account etc. are examples of nominal accounts.
golden principles of accounting .
personal account rule
dr- the receiver.
cr- the giver.
real account rule
dr- what comes in.
cr- what goes out.
nominal account rule.
dr- all expenses and losses.
cr- all incomes and gains.
Answer :
There are three types of accounts - Real, Personal and Nominal.
Explanation :
- Real, personal, and nominal accounts are three different types of accounts used in accounting.
- The two subcategories of real account are then determined: tangible real account and intangible real account.
- Personal accounts also come in three major subtypes: Natural, Representative, and Artificial.
- Accounting is the process of accurately recording, categorising, and summarising financial transactions and evaluating the outcomes.
- Both a science and an art form is accounting.
- The organised presentation of all transactions under a specific head is known as an account.
- An account displays the condensed records of transactions pertaining to the person or thing in question.
- 1. Personal accounts are accounts that correspond to specific individuals. These people could be real people, such as the accounts for Raj, Rajesh, Ramesh, Suresh, etc.
- These people could also be made-up entities like corporations, partnerships, bodies corporate, associations of people, etc.
- As per this Account's rule, debit the receiver. Credit the Giver
- 2. Real account: These account kinds pertain to possessions or other types of property. Intangible real accounts and Tangible real accounts are two further categories - Tangible and Intangible Accounts
- Tangible Accounts - These include things that can be touched and have a tangible existence. As an illustration, consider building a/c, money a/c, stationery a/c, inventory a/c, etc.
- Intangible Accounts - These resources are immaterial and untouchable because they don't exist physically. These, however, have value and can be valued in monetary terms. Goodwill, patents, copyrights, trademarks, etc. are a few examples.
- Nominal Account- These account kinds relate to profits or income and losses or expenses. As an illustration, consider the following examples: rent, commission received, salary, wages, transportation, etc.
- Rules- Debit all the expenses and losses of the business. Credit the incomes and gains of business.
#SPJ2