:: Home Page            
 Advertise your Business Here     
Browse  |   Placement Papers  |   Company  |   Code Snippets  |   Certifications  |   Visa Questions
Post Question  |   Post Answer  |   My Panel  |   Search  |   Articles  |   Topics  |   ERRORS new
   Refer this Site  Refer This Site to Your Friends  Site Map  Bookmark this Site  Set it as your HomePage  Contact Us     Login  |  Sign Up                      
Categories >> Accounting >> Accounting AllOther


 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1916)
 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
Give some example of real,personal & nominal accounts , & 
which kind of a/c reflect p&l & BS.
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
# 1
Real Account

What coms in Debit
What goes on Credit

Expenses comes under Profit and loss Account

Personal Account

Debit the Receiver
Credit the Giver

I received the loan Rs.5,00,000/-

Nominal Account

Expenses and Loss are Debit
Incomes and Gains are Credit
Is This Answer Correct ?    297 Yes 55 No
# 2
Mr No I think that your parents didnt name you so far. Why
you people are playing and wasting time.Feel response and
plan yourself.
Mr Murali do you knoww what you write.Your answer carries
no meaning
The question is give some examples and their placements
You observe the answers
Accounts are clasified into 3
Personal accounts,Real accounts and Nominal accounts.The
clasification is meaningful
Personal accounts--- To do business we have to maintain
contacts with persons and organisations formed by persons
Real accounts--- It deals with assets of the business
Nominal accounts---- It deals with expenses and incomes of
Personal Supplier and customer
Real accounts---- Furniture
Nominal accounts- Sales, purchases
Nominal account balances will be placed under Profit and
Loss account
Personal accounts and Real accounts will be placed under
Balance Sheet.
In this juncture I will be pleased to advice you. Commerce
is a good subject. Dont neglect to improve it.
I am a Tax Practitioner doing since 35 years, with interest
I composed 6 sets of question papers along with answer
books. If interested pl send e-mail to me
Is This Answer Correct ?    158 Yes 24 No
# 3
real account means it deals with assets side.
nomial account means it deals with expenses and
losses,incomes and gains.
personal account means it is the account of an individual
or firms
Is This Answer Correct ?    112 Yes 13 No
# 4
Personal Account Rule : Dr the Receiver and Cr the Giver
Example : I given Rs. 5000 to Rahul Saxena in cash
Entry : Rahul Saxena A/c Dr with Rs. 5000
and Cash A/c will be Credited by same Amount.

Real Account : Dr what Comes in and Cr what goes out
Example : I purchased a Table for Rs. 800 cash
Entry : Dr Furniture A/c with Rs. 800/- (Tables comes in)
Cr Cash A/c with Rs. 800/- (Cash goes out)

Nominal A/c: Debit all losses/Expenses and Credit Income/Gains
Example : Rahul Saxena didn't give me Rs. 5000/- so
this amount is a bad debt for me.

Entry : Dr Bad Debt with Rs. 5000/-
Cr Rahul with Rs. 5000/-
Is This Answer Correct ?    106 Yes 15 No
P.k. Rohira
# 5
Is This Answer Correct ?    70 Yes 45 No
# 6
Particular Dr Cr
BY loan a/c dr. - 50,00,000 -
To Cash a/c cr. - - 50,00,000
[Bening I received the loan]
Is This Answer Correct ?    58 Yes 39 No
Abdul I Mulla
# 7
Hi P.K.
Thanks for the simple but relly good examples given.
I am not a commerce student but I was trying to understand
the rules of accounting for so long with different Google
searches, finally I got your answer which clarified my
confussions.... :)

Accounts is very intresting but sometimes I feel its
complicated for no reasons....

But I very happy now...
Is This Answer Correct ?    31 Yes 14 No
# 8
* which represent the person and oganisations is called
personal account.
* which account represent assets is called real account.
*all type of expenses,loses,gain,is called nominal account.
Is This Answer Correct ?    23 Yes 6 No
Smit Ranjan Behera
# 9
Personal account-debit is the receiver & credit is the giver.
means 1. natural persons -like pinku.
2.artificial persons-government,companies.
3.representative personal account-like outstanding liability drawings etc.
REAL ACCOUNT-which relates to assets not firms debts.means debit what comes in credit what goes out.
like-cash in hand,land.
nominal account-In this account debit all expenses and losses,credit all gains and incomes.
like-salary,bad debts etc.
Is This Answer Correct ?    17 Yes 4 No
Amarendra Sarangi
# 10
By cash a/c Dr
To loan a/c Cr
{being loan taken}
This is the correct journal entry for loan
a) Cash comes in, so cash account will be debited.

b) Lender is giver, so his loan account will be credited.
Is This Answer Correct ?    9 Yes 0 No

Other Accounting AllOther Interview Questions
  Question Asked @ Answers
i have one doubt. i purchases of fixed assets from other state the value 5 lack. the transpotation cost of 50 thousand now the value of fixed asstes is 550000 or only 5 lack, it is right or worng .. pls cleare my question   6
How to calculate salary structure( PF, ESI, Gratuity, CCA, HRA, etc) Capita 2
what is the diff between reversal and cancellation entries? ABN-AMRO 3
tax on raw material is direct expense or indirect expense   4
Stale Cheque entry in the books & when it reissued again then Entry in the books.   2
what is the entry for cash received and after deposited in to the bank   8
16. Eurodollars are best described as =============== a) The new currency of the European Union b) A U.S dollar denominated deposit ….generally in a bank located outside the United States …that is not subject to US banking regulation. c) A currency deposited outside its country of origin d) A foreign..denominated deposit subject to US banking regulations Wipro 5
libilities accounts come under what type of accounts(under real, nominal or personal) if its nominal, generally nominal will not come in balance sheet, why we shown in balance shhet?   1
where does preliminary expenses put in the balance sheet? Essar 6
what is bank rate Infosys 3
what is royalty and how it is calculated?   2
For more Accounting AllOther Interview Questions Click Here 

Copyright Policy  |  Terms of Service  |  Articles  |  Site Map  |  RSS Site Map  |  Contact Us
Copyright © 2013  All Rights Reserved.   ::