Question

Q3)  Classify the following transactions into Personal, Real & Nominal                                                           accounts.                                                                                              5 marks

Repairs A/c            2) salary A/c        3) Computer A/c    

4) Machinery A/c      5)   IDBI bank   6)  Foresight college of Commerce A/c         7) Freight A/c      8) outstanding salary A/c    9) Loss by Fire A/c      10 ) Interest received A/c​

Answer 1

Classify the following transactions into Personal, Real & Nominal accounts.

1) Repairs A/c, 2) salary A/c, 3) Computer A/c, 4) Machinery A/c, 5) IDBI bank, 6) Foresight college of Commerce A/c, 7) Freight A/c, 8) outstanding salary A/c, 9) Loss by Fire A/c, 10) Interest received A/c.

Answers:

• Personal A/C:

IDBI A/c

Foresight college of Commerce A/c

Outstanding salary A/c

• Real A/C:

Computer A/c

Machinery A/c

• Nominal A/C:

Repairs A/c

Salary A/c

Freight A/c

Loss by Fire A/c

Interest received A/c

Extra Information:

• What is Personal Account?

The accounts representing a person and/or group of people with whom a business deals, is called personal account.

• What is Real Account?

The accounts representing assets and properties owned by the business concerns.

• What is Nominal Account?

The accounts of expenses and losses & income and gains are called as Nominal accounts.

Golden Rules of Debit and Credit :

Personal Account:

• Debit the reciever

• Credit the giver

Real Account:

• Debit what comes in

• Credit what goes out

Nominal Account:

• Debit all expenses and losses

• Credit all incomes and gains

Answer 2

Answer:

Question :-

$\bigstar$ Classify the following transactions into Personal, Real & Nominal Account :

1) Repairs A/c

2) Salary A/c

3) Computer A/c

4) Machinery A/c

5) IDBI Bank

6) Foresight College of Commerce A/c

7) Freight A/c

8) Outstanding Salary A/c

9) Loss by Fire A/c

10) Interest received A/c

Solution :-

$\clubsuit \: \sf\boxed{\bold{\red{Personal\: Account\: :-}}}$

5) IDBI Bank

• 6) Foresight College of Commerce A/c
• 8) Outstanding Salary A/c

______________________

$\clubsuit \: \sf\boxed{\bold{\red{Real\: Account\: :-}}}$

• 3) Computer A/c
• 4) Machinery A/c

___________________________

$\clubsuit \: \sf\boxed{\bold{\red{Nominal\: Account\: :-}}}$

• 1) Repairs A/c
• 2) Salary A/c
• 7) Freight A/c
• 9) Loss by Fire A/c
• 10) Interest received A/c

$\rule{150}{2}$

$\longmapsto$ Extra Information :-

➲ Account :

• An account is a T shape format having two sides.
• Left hard side is called debit (Dr.).
• Right hard side is called credit (Cr.).

$\sf\bold{\pink{\leadsto\: Types\: of\: Account\: :-}}$

1) Personal Account :-

• The accounts which relate to an individual, firm, company or an institution are called personal account.

2) Real Account :-

• The accounts of all those things whose value can be measured in terms of money and which are the properties of the business are called real account.

$\implies$ There are two types of real account :-

1. Tangible Real Account
2. Intangible Real Account

3) Nominal Account -

• The accounts which are in name only and which do not really exist is called nominal account.