Question

Q4. Classify the following accounts into Personal, Real and Nominal 10M

1) Land and Building 2) Interest Received 3) Computer

4) Sundry Creditors 5) Bills Receivables 6) Discount Allowed

7) Sundry Debtors 8) Goodwill 9) Freight

10) Discount Received 11) Bills Payable 12) Amit`s Capital

13) Interest on Fixed deposit. 14) Bank Overdraft 15) Live Stock

16) Printing & Stationery 17) Cash at Bank 18) Rent Received

19) Repairs & Maintenance 20) Carriage​

Answer 1

ANSWER :

According to Traditional Approach or English Approach, there are three types of accounts : Personal Account, Real Account and Nominal Account.

Classification of the following accounts under Traditional Approach or English Approach :-

• 1) Land and Building ➯ Real Account

• 2) Interest Received ➯ Nominal Account

• 3) Computer ➯ Real Account

• 4) Sundry Creditors ➯ Personal Account

• 5) Bills Receivables ➯ Personal Account

• 6) Discount Allowed ➯ Nominal Account

• 7) Sundry Debtors ➯Personal Account

• 8) Goodwill ➯ Real Account

• 9) Freight ➯ Nominal Account

• 10) Discount Received ➯ Nominal Account

• 11) Bills Payable ➯ Personal Account

• 12) Amit's Capital ➯ Personal Account

• 13) Interest on Fixed deposit ➯ Nominal Account

• 14) Bank Overdraft ➯ Personal Account

• 15) Live Stock ➯ Real Account

• 16) Printing & Stationery ➯ Nominal Account

• 17) Cash at Bank ➯ Real Account

• 18) Rent Received ➯ Nominal Account

• 19) Repairs & Maintenance ➯ Nominal Account

• 20) Carriage ➯ Nominal Account