Mr No I think that your parents didnt name you so far. Why
you people are playing and wasting time.Feel response and
Mr Murali do you knoww what you write.Your answer carries
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
Personal accounts and Real accounts will be placed under
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
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
Accounts is very intresting but sometimes I feel its
complicated for no reasons....
Personal account-debit is the receiver & credit is the giver.
means 1. natural persons -like pinku.
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.
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