Question

Income and Expenditure Account is a ________. (Fill in the blank by choosing correct option)
a) capital account
b) real account
c) personal account
d) nominal account

Answer 1

I think it's answer is b- personal account

Answer 2

Answer:

            Income and expenditure account is a Nominal Account.

Explanation:

                                Income and expenditure

1. Income and expenditure is just like profit and loss statement for Non-Profit Organization.
2. It is a Nominal Account as it record revenue transactions . Only income and expense for a current year appears in it.
3. It doesn't include any transaction related to previous or current year of income r expense in it .also it doesn't include any transaction of Capital nature.(e.g Asset,liabilities, capital r drawing )
4. Excludes the opening and closing balance of receipt and payment account, Charge depreciation on all wasting assets.    

Hope u find it helpful  :)