Lost by fire is which type of account
personal account
real account
nominal account
Answers
Answer:
lost by fire is nominal accout
Explanation:
Name of the account
Description
1) Life Insurance Premium A/c
It is classified as a personal account, since the insurance premium paid represents the amount paid for an individual.
2) Mr. Kulkarni’s Capital A/c
It is the account of a natural person, i.e. an account of a person who is alive. Hence, it can be classified as a personal account.
8) Outstanding Income A/c
It is a representative personal account as it represents the outstanding income from several persons/sources. Hence, it can be classified as a personal account.
10) Outstanding Expenses A/c
It is the representative personal account because it represents the outstanding expenses to a group of people. Hence, it can be classified as a personal account.
12) Income Receivable A/c
It is the representative personal account, i.e. it represents the income to be received from a group of persons. Hence, it can be classified as a personal account.
19) Drawings A/c
It is related to the account of an individual, i.e. proprietor’s account which shows the amount withdrawn by the proprietor from the business for his/her personal use. Hence, it can be classified as a personal account.
23) Bank of India A/c
This account is a personal account as it is related to a banking firm which is an artificial person. All those accounts which are related to a person, whether artificial or natural, are termed as personal accounts.
27) Loan A/c
Loan Account is a representative personal account, as it represents the person from whom the loan is obtained or to whom the loan is given. Hence, it is classified as a personal account.
• Real Accounts:
Name of the account
Description
3) Goods A/c
It is classified as a real account as goods are the tangible assets of a business whose value can be measured in terms of money.
6) Goodwill A/c
It is an intangible asset as it cannot be touched but its value can be measured in terms of money. Hence, it is classified as a real account.
7) Copyright A/c
It is an intangible asset as it cannot be touched but its value can be measured in terms of money. Hence, it is classified as a real account.
14) Furniture
It is the tangible asset of a business whose value can be measured in terms of money. Hence, it is classified as a real account.
20) Fixed Deposit A/c
It is an asset of a business. Hence, it is classified as a real account.
22) Office Equipment A/c
It is the account whose value can be measured in terms of money and treated as an asset of the business. Hence, it is classified as a real account.
24) Machinery A/c
It is the real tangible asset of a business and the value of this asset can be measured in terms of money. Hence, it is classified as a real account.
28) Deposits with MSEB
It is the asset of the business and hence, it is classified as a real account.
• Nominal Account:
Name of the account
Description
4) Freight A/c
It is a direct expense of a business and hence, it is classified as a nominal account.
5) Wages A/c
It is a direct expense of a business and hence, it is classified as a nominal account.
9) Bank Charges A/c
It is an indirect expense of a business. All the expenses whether direct or indirect are classified as nominal accounts.
11) Sundry Income A/c
It represents the income of a business and, thus, it is classified as a nominal account.
13) Export Duty A/c
Export duty is an indirect expense and hence, it is classified as a nominal account.
15) Import Duty A/c
It is a direct expense of a business and hence, it is classified as a nominal account.
16) Free Sample Distribution A/c
It is an indirect expense of a business and thus, it is classified as a nominal account.
17) Sundry Expenses A/c
These are the miscellaneous expenses of a business and hence, they are classified as nominal accounts.
18) Discount A/c
It can be the indirect income (if received) or indirect expenses (if paid) of a business and hence, they are classified as nominal accounts.
21) Profit on Sale of Furniture A/c
It is the indirect income or gain for a business since profit is earned on the sale of furniture and hence, it is classified as a nominal account.
25) Carriage Outward A/c
It is an indirect expense of a business and hence, it is classified as a nominal account.
26) Loss on Sale of Machinery A/c
It is a loss for a business. Hence, it is classified as a nominal account.
29) Loss by Fire A/c
It is a loss for a business. Hence, it is classified as a nominal account.
30) Legal Expenses A/c
These are the indirect expenses of a business and hence, they are classified as nominal accounts.
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