State the concept of nominal, real and personal accounts? Explain them by giving examples.
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personal account related to person either natural, artificial or group of person for example ram a/c, bank a/c ,salary outstanding a/c
it's rule debit the receiver credit the giver
real account related to tangible or intangible assets for example building ,goodwill etc
it's rule debit what comes in credit what goes out
nominal account related to expenses & income for example salary, commission etc
it's rule is debit expenses & losses credit income & gain
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