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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1905)
 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4371)
Question
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  
 
Answer
# 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

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

Nominal Account

Expenses and Loss are Debit
Incomes and Gains are Credit
 
Is This Answer Correct ?    294 Yes 53 No
P.murali
 
Answer
# 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
business
Examples
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 ?    155 Yes 24 No
Satyaki_raju@yahoo.com
 
 
 
Answer
# 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 ?    111 Yes 13 No
Vanaja
 
Answer
# 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 ?    105 Yes 15 No
P.k. Rohira
 
Answer
# 5
No 
Is This Answer Correct ?    69 Yes 45 No
No
 
Answer
# 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 ?    57 Yes 39 No
Abdul I Mulla
 
Answer
# 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 ?    30 Yes 14 No
Liz
 
Answer
# 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 ?    22 Yes 6 No
Smit Ranjan Behera
 
Answer
# 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
 
Answer
# 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 ?    8 Yes 0 No
Saf
 

 
 
 
Other Accounting AllOther Interview Questions
 
  Question Asked @ Answers
 
what is transaction? Capital-IQ 5
how to create a profit and loss a/c   9
what is the golden rules of accounting? Chartered-Accountant 8
Expand ________GST   4
expand K V P   2
an amount deducted from the catalog price for an item of merchandise is called?   1
Tell me about portpolio?   4
Expand ________GAAP   2
what are the similarities between cost accounting and management accounting? Muthoot-Group 1
CONTIGENT LIABILITYES Genpact 11
How many ypes of Invoices are there ?   2
40. If revenue was $70,000, expenses were $59,000, and the owner’s withdrawals were $25,000, the amount of net income or net loss was: a) net income of $11,000 b) Net income of $36,000 c) Net loss of $59,000 d) Net income of $70,000 Capmark 3
 
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