which type of account is interest received
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Answered by
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interest received is an income....
as we know nominal a/c rule
dr- all expenses and losses.
cr- all incomes and gains.
so,it is an nominal a/c
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Account Types
Account
Type
Debit
INTEREST INCOME
Revenue
Decrease
INTEREST PAYABLE
Liability
Decrease
INTEREST RECEIVABLE
Asset
Increase
INVENTORY
Asset
Increase
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