Answer / venodyadav

PERSONAL ACCOUNT
DEBIT : THE RECEVIER
CEDIT : THE GIVER

REAL ACCOUNT

DEBIT : WHAT COMES IN
CREDIT : WHAT GOES OUT

NOMINAL ACCOUNT

DEBIT : EXPENES OR LOSS
CREDIT : INCOME OR GAINS

Answer / sunil jadhav

Salary of the employeeis not real a/c nor personal a/c it
is nominal a/c.

Answer / sridhar k

1. Personal Account

Sundry Creditors A/c Dr.
To Cash/Bank A/c
( Payment for Purchase of Goods )

2. Real Account

Cash A/c Dr
To Bank A/c
( Cash Withdrawn from Bank )

3. Nominal Account
Printing & Stationery A/c Dr.
To Cash/ Bank A/c
( Purchase of Stationery Items )

Answer / venkatesan

Personal Account:- It is individual account
Real Account:- It is business using for asset purchase
Nominal Account: It is Rent, salary paid of exp. and
advance received

Answer / megharaaj

1) PERSONAL ACCOUNT
DEBIT THE RECEIVER (S.Creditor, Party)
CREDIT THE GIVER (Cash or Bank)

2) REAL ACCOUNT
DEBIT WHAT COMES IN - (Cash/Cheque, Purchases, Receipts)
CREDIT WHAT GOES OUT - (Payments, Cash/Cheque, Sales)

3) NOMINAL ACCOUNT
DEBIT ALL EXPENSE AND LOSS -(Salary,commission,rent,etc)
CREDIT ALL INCOME AND GAINS - (Interest recieved,
commission received, royalty received, etc)

Answer / peyus

1) PERSONAL ACCOUNT
DEBIT THE RECEIVER (S.Creditor, Party)
CREDIT THE GIVER (Cash or Bank)

2) REAL ACCOUNT
DEBIT WHAT COMES IN - (Cash/Cheque, Purchases, Receipts)
CREDIT WHAT GOES OUT - (Payments, Cash/Cheque, Sales)

3) NOMINAL ACCOUNT
DEBIT ALL EXPENSE AND LOSS -(Salary,commission,rent,etc)
CREDIT ALL INCOME AND GAINS - (Interest recieved,
commission received, royalty received, etc)

Answer / jayashree durga prasad

PERSONAL ACCOUNT:

Debit the recevier
Credit the giver.

EXAMPLE:

Sundry Creditors A/C DR
To Cash/Bank A/C

REAL ACCOUNT:

Debit what comes in
Credit what goes out

EXAMPLE:
Cash A/C DR
To Bank A/C

NOMINAL ACCOUNT:

Debit all expenses or losses
Credit all incomes or gains

EXAMPLE:

printing & Stationery A/C DR
To Cash / Bank A/C

Answer / hitesh

all my answer is right

Answer / ravi ranjan vishwakarma

yes

Answer / sangeetha g

Dear All,
Anyone can tell Salary what type of account? Real or
Personal a/c?

What is the diffrence between Suspense a/c and imprest a/c

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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.

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