Question

State the type of accounts in Personal, Real and Nominal Accounts: (i) Machinery (ii) Interest Received (iii) Capital​

Answer 1

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• Machinery being a tangible aspect is an asset. The information relating to machinery is identified using the account head Machinery a/c. Since it is an asset/tangible aspect it is a Real account.

• Capital account is the account of a natural person, i.e. an account of person who is alive. Hence, it can be classified as a personal account.

• INTEREST INCOME - Revenue

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Answer 2

Answer:

An example of a Real Account is a Bank Account. A Personal account is a General ledger account connected to all persons like individuals, firms and associations. An example of a Personal Account is a Creditor Account. A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains