RESERVE A/c - What is the type of A/c means is this a Personal
A/c or Real A/c or Nominal A/c?
Answer Posted / nilesh thakkar
It's a personal account.
The reasons are as under :
1. Real Accounts can not have credit balances.
2. Nominal Accounts can not appear in Balance Sheet.
3. The only type that remains is Personal Account
4. Any type of Reserve is created -- is a charge on Profit.
which belongs to Shareholders. And Share Capital is also a
Personal Account so any reserve is a personal account.
ALWAYS REMEMBER :
ON THE LIABILITY SIDE OF BALANCE SHEET, ONLY PERSONAL
ACCOUNT CAN APPEAR. SO WHATEVER ACCOUNTS YOU SEE ON THE
LIABILITY SIDE OF BALANCE SHEET ARE ALWAYS PERSONAL . NO
NEED TO APPLY YOUR BRAINS EVENIF YOU HAVE ONE.
Is This Answer Correct ? | 78 Yes | 10 No |
Post New Answer View All Answers
shyam consigned 200000 unit @ rs 5/-each to mr ram and paid freight and insurance amounting to rs 100000.ram spent further following amount: 1) insurance rs 5000 2) godown rent rs 4000 3) clearing rs 6000 2000 unit were damages during transits due to heavy rains. Ram sold 100000 unit @rs 10 per unit . ram realisec solvage value of damage unit rs .2000 ram is get 5% commission on sale determine the abnormal loss?
Explain what does financial statement of the company includes?
what is dmat charges?
What is entry of Dishonored cheque issued to supplier
get fixed assets items
dear i want basic a\C's oriented question. these are asking in mostly all mnc companies
could i know how to accounting lease intrest ?
What are the 4 phases accounting?
can i material bill book in miro without vat on transport charges ?
A COMPANY IS SERVICE PROVIDE TO B CO. 100,000 AND CHARGED STAX 10000 TOTAL BILL RAISED 110000 AND RECIEVED 30% FROM B IN DECEMBER AND 40% RECIEVED IN 10JAN2011, BALANCE 40% RECD IN 10 FEB2011 WHAT WILL BE GENERATED ACCORDING ACCOUNTING PRENCIPLE OF BOTH SIDE (MEAN A &B) WITH REVANUE& PROVISION PLEASE TELL ME
What is bad debt expense?
Can we Put "TAX INVOICE" in the sale in Transit (E1) Invoice.
what is bank aceleted?
Explain me what do you think is bank reconciliation statement?
Explain have you ever heard about tds, what it is?