KINDLY EXPLAIN THREE TYPES OF ACCOUNTS WITH EXAMPLES
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Answer Posted / gauravmba
There are three type of accounts
Real A/C- what says"debit what comes in credit what goes out"
example- when we purchase the assets any kind of
it'car,motor cycle,building,furniture etc" in cash
apply the real a/c rule-Car a/c debit & cash/Bank will be credit
why bcs,assets comes in to business so we debited the same &
cash is going out of business so we credited
Personal A/c-says " debit the reciever credit the giver
example -
we apply it at the time of payment & reciept Transaction
like we do payment in cash to ram
ram is the reciever so we debited
cash is real a/c(now apply what is going)so we credit cash
Nominal A/c-debit all exp & loses credit all incomes & gains
telephone exp paid in cash
Telephone exp is nominal A/c that is why we debited
cash/bank is real a/c and is going out of business so we
credited
another reason of crediting cash, whenever we decrese in
assets it will be credit
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