What is the difference between personal account real account and nominal account ?

Questions by ferozbm   answers by ferozbm

Showing Answers 1 - 52 of 52 Answers

ani30481

  • Mar 24th, 2006
 

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.

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George

  • 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

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vikas

  • Apr 4th, 2006
 

Real Account means- Debit the Receiver

Credit the Giver

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sundar

  • Apr 22nd, 2006
 

Golden Rule

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

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MANISH

  • 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

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Shruti

  • 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"

    

Ye

  • 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.

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Vinod Cv

  • 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

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k kent

  • Apr 20th, 2007
 

 Is it cash account real account or nominal account?

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abduljabbarpm

  • 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.

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chhotu

  • May 27th, 2007
 

cash account is real account

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Raju Paul

  • Jun 15th, 2007
 

Hi
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

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Yeshi

  • Jun 18th, 2007
 

FIFO means first in first out Meaning the earliest goods you bought are the first one you sell (Merchandise Inventory).

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anitha

  • 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.

rama krishna

  • 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

cselva76

  • May 31st, 2008
 

Personal account is deals with Individuals,firms,companies Real Accounts deal with assetsNominal accounts is deal with expenses and incomes

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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  

Manik

  • 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

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balaji

  • 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.

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rohini kumar sain

  • 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

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ubaid

  • 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..

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Ranjita Mohapatra

  • Nov 23rd, 2011
 

According to British approach:
Accounts is of 3 types:-
1.Personal
2.Nominal
3.Real
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
Golden rules:
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

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SK.KHADAR

  • Feb 2nd, 2012
 

According to accounting principles:Accountancy is divided into 2 types.they are
1.Personal account
2.Impersonal account
1.Personal account:
---------------------------
Personal account defines name of the person or a thing or a place.
2.Impersonal account:
-------------------------------
Impersonal account is divided into 2 types.they are
a)Real account
b)Nominal account

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vijay

  • 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

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Roli Mishra

  • Jun 6th, 2012
 

Real A/c means - Debit what comes in &
Credit what goes out

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pushpa c bonal

  • Jun 7th, 2012
 

Personal a/c debit the receiver credit the giver
real a/c what comes in debit what goes out credit

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venkataramanaswamy

  • 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.

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julie ranger

  • 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

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julie ranger

  • 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?

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Reetika Taneja

  • 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

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khirod kumar

  • Apr 5th, 2013
 

Golden Rule
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

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SRUTHI

  • 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.

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sudhakar

  • Apr 30th, 2013
 

good will is..................................... account

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Girija B

  • May 27th, 2013
 

Goodwill is real account

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Rupendra bharti

  • 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.

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Mayank Jain

  • 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.

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shubham

  • 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
Nominal A/c
1. Scooter purchase Rs 3500
2. Printing & stationary Rs 500
3. Car purchase Rs 3,00.000
4. Salary paid Rs 1500
Real A/c
1. Generator purchase Rs 2500
2. Travelling expenses Rs 1000
3. Postage telegram Rs 800

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Naveen Meharshi

  • 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..

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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

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Varghese George

  • 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

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GAUTHEM

  • 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..

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Harshal

  • Mar 28th, 2014
 

Real A/c - Debit all exp and loss, Credit all income and gains.

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kaseeswar

  • 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.

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priya

  • 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

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Akshata R m

  • Sep 22nd, 2014
 

Real a/c is type of accounting . it is real account which is including assets of business in permanently ,that reason debit what comes and credit what goes out .it is rule of real a/c
example - machinery a/c ,furniture a/c ,

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NOHA

  • Oct 21st, 2014
 

Nominal Accounts
A nominal account is an account that is used during an accounting period to summarize the cash coming into the company and being paid out of the company for that time period. Nominal accounts are reported on the income statement, which is the financial statement that tells how much money a company made or lost in a given time period. In a nutshell, nominal accounts are any revenue and expense accounts that a company has.
At the end of each accounting period, nominal account balances are zeroed out so that these accounts can begin the next accounting period with a clean slate. The entire purpose of a nominal account is to track the revenue and expenses for a company so that the net profit or net loss for a specific period can be calculated. Examples of nominal accounts are service revenue, sales revenue, wages expense, utilities expense, supplies expense, and interest expense.

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ram

  • Nov 11th, 2014
 

ram krishna : how outstanding rent be personal ac

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Dayanand.m.Gorta(B)

  • Nov 30th, 2014
 

Golden Rules of Accounting
PERSONAL ACCOUNT – These are accounts of
parties with whom the business is a carried on.
Personal accounts may be:
Accounts of natural or physical persons.
Ex: Rama Account, Krishna Account
Accounts of artificial or legal persons. Ex:
ABC & Co.
Representative personal account. Ex: O/S
Expenses Account, O/S income Account,
Prepaid Expenses Account, Income
Received in Advance.
Rules of Accounting:
Debit the Receiver
Credit the Giver
Real Account – These are asset accounts that
appear in the Balance Sheet. They are referred
to as Real Account (or Permanent Accounts) as
these are owned by businesses and the balances
in these accounts at the end of an accounting
period will be carried over to the next period. Ex:
Cash Account, Land Account, Building Account
etc.
Rules of Accounting:
Debit what comes in
Credit what goes out
Nominal Account – These are accounts of
expenses and losses which a business incurs
and income & gains which a business earn in the
course of business. Ex: Rent Account, Interest
Account.
Rules of Accounting:
Debit all expenses and losses
Credit all income and gains

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khaalidcabdiraxmaan

  • Dec 3rd, 2014
 

difference types of personal account

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