how to identify the type of account (personal,nominal,real)
Attachments:
Answers
Answered by
2
Answer:
personal= when any account is related to two or more persons
nominal= sale purchaseor rendering services
real = related to all expenses
hope it will help you ❤❤
Answered by
0
Personal account is a person to whom either we have to take money or vice-versa thus the reciever will be debited and the giver will be credited.. Real account is the received cash or some assets thus all what comes in will be dr and all what goes out will be credit...nominal account includes all expenses and income thus all income will be cr and expenses will be dr.
Similar questions