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

Asked by: ferozbm | Member Since Feb-2006 | Asked on: Mar 8th, 2006

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ani30481

Answered On : Mar 24th, 2006

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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.

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George

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

  
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vikas

Answered On : Apr 4th, 2006

Real Account means- Debit the Receiver Credit the Giver

  
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sundar

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

  
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MANISH

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

  
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Shruti

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"    

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Ye

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.

  
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Vinod Cv

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

  
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k kent

Answered On : Apr 20th, 2007

 Is it cash account real account or nominal account?

  
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abduljabbarpm

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.

  
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chhotu

Answered On : May 27th, 2007

Cash account is real account

  
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Raju Paul

Answered On : 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

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).

  
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anitha

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.

  
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rama krishna

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

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ahamed786

Answered On : May 16th, 2008

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Personal account deals with Individuals,firms,companiesReal Accounts deal with assetsNominal accounts deal with expenses and incomes

  
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cselva76

Answered On : May 31st, 2008

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

  
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ravi.sankhyan

Answered On : Jun 3rd, 2008

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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  

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Manik

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

  
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balaji

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.

  
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rohini kumar sain

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

  
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ubaid

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..

  
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Ranjita Mohapatra

Answered On : 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

Answered On : 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

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

  
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Roli Mishra

Answered On : Jun 6th, 2012

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

  
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pushpa c bonal

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

  
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venkataramanaswamy

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.

  
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julie ranger

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

  
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julie ranger

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?

  
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Reetika Taneja

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

  
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khirod kumar

Answered On : 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

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.

  
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sudhakar

Answered On : Apr 30th, 2013

Good will is..................................... account

  
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Girija B

Answered On : May 27th, 2013

Goodwill is real account

  
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Rupendra bharti

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.

  
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Mayank Jain

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.

  
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shubham

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

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

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..

  
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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

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

  
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GAUTHEM

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..

  
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Harshal

Answered On : Mar 28th, 2014

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

  
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kaseeswar

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.

  
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priya

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

  
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