Nominal accounts helps us to know the result of the venture
Real accounts will be placed in Balance sheet and will help
us to know the financial status of the orgonisation
Accounts dealing in properties, such as Cash,Building,
Machinery etc., are known as Real Accounts.
Accounts that record expenses,losses and incomes are called
Nominal Accounts
Mac Purchased on 15th Jan 12000/-
30th June Machinery damaged due to Fire Accident
31st Dec received the Insurance Premium 13000/-.
Pass the Journal Entry for all the above three