Hi.If somebody goes into the basics of the accounts, will automatically come to know the difference between the personal and nominal accounts. Personal A/c means : debit the receiver & credit the giver.Nominal A/c means : debit all expenses and losses & credit all gains and incomes.if want more info. reply to this answer with your email address.
Answered On : Mar 29th, 2006
Can you please also explain what a real account is? Why does miscellaneous expenditure appear is the asset side of the balance sheet?Thanks,George
Answered On : Apr 4th, 2006
Real Account means- Debit the Receiver Credit the Giver
Answered On : Apr 22nd, 2006
Golden RulePersonal account:debit the receiver :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
Answered On : Jun 10th, 2006
1.Personal account:-That account which is real person,artificial person are the called personal account
ex- Sushil account, Mahesh account.
2.Real account;-real account are two type;which has physical shape are called tangible and which are not touchable are called non tangible.
3.Nominal account;-in nominal account all the profit&loss,
expenses and income are comes
Answered On : Jul 31st, 2006
Golden rules.PERSONAL A/C-Debit "the receiver" and Credit "the giver"REAL A/C- Debit "what comes in" and Credit "what goes out"NOMINAL A/C- Debit "All expenses and losses" and Credit "All incomes and gains"
Answered On : Nov 17th, 2006
Both real & nominal account are business personnel account, the accounts on balance sheet are real account, the accounts on income statement are nominol account.
Answered On : Dec 18th, 2006
i want to know all types of accounts, their nature , the type of transactions which can occur on this accounts , with examples.can you pls help
Answered On : Apr 20th, 2007
Is it cash account real account or nominal account?
Answered On : May 26th, 2007
Personal Accounts: Accounts dealing in the name of persons, company etc.Real Accounts: Accounts dealing in the name of which one exists. example Cash, Furniture, etc.Nominal Accounts: Account dealing with one we cannot see, touch - example: Salary, Electricity Charges, Rent etc.
Answered On : May 27th, 2007
Cash account is real account
Answered On : Jun 15th, 2007
Can you tell me what is real account, personal account and nominal account and also the journals.
You know First In, First Out (FIFO) method,
Some one asked me a question that a company follow the FIFO method. And sold a product and after 15 days customer returned the product but during these 15 days company received stock. Now what the company will do should sale the return product or sale the new stock.
Date Purchase sale
2nd 0 pic 01pic
4th 20 pic 15pic
7th 15 pic 11pic
15th 5 pic 08pic
Now on 2nd what the good sold out is returned by the customer. Now should company follow the FIFO method and resale the return product or sale the remaining stock? Please solve this
Answered On : Jun 18th, 2007
FIFO means first in first out Meaning the earliest goods you bought are the first one you sell (Merchandise Inventory).
Answered On : Jul 7th, 2007
Mis exp is expenses which income is extened to some period which is not known.For ex: deferred revenue expenses. This is shown on asset side of balance sheet.
Answered On : Jul 17th, 2007
The total business transactions are divided in to three They are
Transactions related to persons
Transactions related to Things
Transactions related to incomes & expenditures
In accountancy we have three types of accounts they are - personal, real, nominal
Personal accounts refers to all the transactions related to natural persons, artificial persons and representative persons ex:- rama, ravi, andhra bank, outstanding rent. ,. Ist category of transactions belongs to personal accounts
RULE : debit the receiver and credit the giver
Real accounts includes things in the business i.e. assets. IInd category of transactions related to
Real accounts ex: buildings , machinery , cash etc..
RULE: Debit what comes in and credit what goes out
Nominal accounts includes all the transactions related to expenditures , incomes, losses and profits . ex:- rent paid, rent received, bad debts, profit on sale of an asset.
RULE: Debit all expenses and losses and credit all incomes and profits
Personal account deals with Individuals,firms,companiesReal Accounts deal with assetsNominal accounts deal with expenses and incomes
Personal account is deals with Individuals,firms,companies Real Accounts deal with assetsNominal accounts is deal with expenses and incomes
Personal accounts are those accounts which represents any person, artificaial person or they have their own entity like, bank, any authority orany person, real accounts are thiose account which counts all asstes of a firm like furniture and cash etc. And nominal accounts are those accouns which represents all income and losses
Answered On : Oct 22nd, 2011
PERSONAL ACCOUNT : In simple words, this Account Related with the Person. Personal account is deals with Individuals,firms,companies.
Debit "the receiver" and Credit "the giver"
REAL ACCOUNT : Real Account related with Assets.
Debit "what comes in" and Credit "what goes out"
NOMINAL A/C : Real Account related with expenses and losses
Debit "All expenses and losses" and Credit "All incomes and gains"
debit the reciver and credit the giver
Answered On : Oct 24th, 2011
Personal account is which are related to both (natural and artificial) is known as personal account.
ex:- andhrabank account, ramu a/c etc.,
Real account is which are related to properties or assets is known as real account.
ex:- land&buil, machinery, building etc.
Answered On : Nov 5th, 2011
Real account mean that account which is been related to assets (but not debt ) is called real account . the rule for real account is debit what come in and credit what goes out
Answered On : Nov 22nd, 2011
I think personal a/c s used for personal things and real a/c s used for asset & other real things. nominal a/c s used for any general a/c..
Answered On : Nov 23rd, 2011
According to British approach:
Accounts is of 3 types:-
Personal a/c is always related to persons including artificial persons.For ex:ram,jita,Capital,drawings etc...
Real a/c refers to tangible or intangible assets.
Nominal a/c refers to all income and expenses
Personal a/c-Debit the receiver
credit the giver
Nominal a/c-debit the expenses
credit the incomes
Real a/c-debit what comes in
credit what goes out
Answered On : Feb 2nd, 2012
According to accounting principles:Accountancy is divided into 2 types.they are
Personal account defines name of the person or a thing or a place.
Impersonal account is divided into 2 types.they are
Answered On : Feb 21st, 2012
Personal account - Debit the receiver & credit the giver,
Real account - Debit what comes in & credit what goes out,
Nominal a/c - Debit expenses and losses & credit profit and gains
Answered On : Jun 6th, 2012
Real A/c means - Debit what comes in &
Credit what goes out
Answered On : Jun 7th, 2012
Personal a/c debit the receiver credit the giver
real a/c what comes in debit what goes out credit
Answered On : Jun 14th, 2012
Personal account is debit the receiver and credit the giver, and real account is what comes in debit and what goes out credit and nominal account is expenses and assets is debit and incomes and gains in credit.
Answered On : Jul 25th, 2012
Example of how you reached a practical decision by reviewing of the facts and weighing of options
Describe a time when you used your skills (which is Administrative Assistant) to help a team or project group accomplish its goal. Be specific in describing your behavior by explaining what you did to help the team or project group accomplish its goal and how you helped manage a resolve conflict in a positive and constructive manner
Answered On : Jul 25th, 2012
Tell me about a time when something you tried to accomplish failed. How did you deal with the failure? What did you learn from the failure?
Answered On : Feb 5th, 2013
PERSONAL ACCOUNTS: Natural person a/c- which relates to natural person like Peter, Robert etc.
Artificial personal a/c-which relates to artificial persons which do not have physical existence such as firms a/c , companies a/c's etc.
Representative personal a/c's - which relates to particular person or group of persons such as outstanding salaries a/c in this case instead of using names of employees whose salary is outstanding well be crediting outstanding salaries a/c.
RULE: Debit the receiver
credit the giver
REAL ACCOUNT-relates to that entire thing which exists and whose value can be measured in terms of money.
Tangible real accounts are those which have physical existence. example building a/c, machinery a/c etc.
Intangible real accounts are those which have no physical existence. example patents a/c, goodwill a/c, copyrights a/c etc.
Rule: Debit what comes in
Credit what goes out.
NOMINAL ACCOUNT: These accounts record a traders expenses or losses and incomes or gains.
RULE: Debit all expenses and losses
Credit all incomes and gains
Answered On : Apr 5th, 2013
Personal account:debit the receiver
: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
Answered On : Apr 17th, 2013
Personal a/c: In this account enter transactions related to persons.
Real a/c: in this account we should enter transactions related to assets.
Nominal a/c: In this a/c we should enter transactions related to Income & expenses.
Answered On : Apr 30th, 2013
Good will is..................................... account
Answered On : May 27th, 2013
Goodwill is real account
Answered On : May 29th, 2013
Personal A/c- there are 2 types of persons i.e natural and artificial.Account is related to both these types of persons.
Ex- 1) Ram,Mohan,sita,sujal etc. 2) Pankaj & Sanjay A/c, Prepaid a/c, Capital a/c, SBI A/c etc.
Real A/c: All those accounts,which are not personal accounts are called Impersonal or Real A/c. a)tangible & b)Intangible real account. a)Cash a/c ,purchase a/c,furniture a/c b) goodwill,Patent,trade marks etc.
Nominal a/c: it is reverse to the real a/c.it do not have any existence. ex-Rent a/c,Wages a/c,Salaries a/c etc.
Answered On : Jun 11th, 2013
Real Account: The elements or accounts that represents asset.
Personal Account: It represents person (Artificial, Human or created by LAW)
Nominal Account: It represents expenses, incomes, gains and losses.
Answered On : Jul 14th, 2013
Personal A/c (question)
1. Cash deposit in SBI bank Rs 500
2. Cash deposit in PNB bank Rs 500
3. Computer purchase Rs 1500
1. Scooter purchase Rs 3500
2. Printing & stationary Rs 500
3. Car purchase Rs 3,00.000
4. Salary paid Rs 1500
1. Generator purchase Rs 2500
2. Travelling expenses Rs 1000
3. Postage telegram Rs 800
Answered On : Aug 8th, 2013
Personal A/c - It stands for a particular person (Ledger:- if we pay the money to someone then we will be credited and that person will be debited to whom money is being paid )
Real A/c - It stands for Fixed assets which is intangible.
Nominal A/c:- It stands for expenses/Losses and income/Gain..
Personal accounts stand for Person - Debit what comes in and Credit what goes out
nominal accounts stand for Asset - Debit always expenses/Loss and Credit always gain/profit
Answered On : Nov 10th, 2013
Personal Accounts are accounts related to an individual,banking establishment...etc.The rule for identifying personal accounts will be
The reciever will be debited and the giver will be credited
Answered On : Jan 28th, 2014
Personal accounts is related with persons, banks, office etc.
debit the receiver and credit the giver.
Real account means if any comes in company it is debited, and out going transaction is credited
Debit what comes in , Credit what goes out.
Nominal account means all expense occur in business is debited, and incomes came in business is credited
Debit all expense, Credit all incomes..
Answered On : Mar 28th, 2014
Real A/c - Debit all exp and loss, Credit all income and gains.
Answered On : May 29th, 2014
Personal Ac Principles Debit the Receiver, Credit the Giver,
Real Ac Principles Debit what comes in ,Credit what goes out,
Nominal Ac Debit all expenses and losses, Credit all Incomes and Gains.
Answered On : Jul 12th, 2014
Personal a/c : debit the receiver credit the giver
Real a/c : debit what comes in credit what goes out
Nominal a/c : debit all expenses and losses credit all incomes & gains