What is the nature of bank account:
a) nominal
b) real
c) personal
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Answer Posted / satyanarayana raju
Bank account is real as well as personal account also.If is a current/Savings account it is a real account and if it is a loan account it should be under personal account.The entrepreneur will keep the cash received something in the office cash box to meet the immediate needs of the business and something he will keep in a bank account. Whenever we withdraw amount from bank we will pass the transaction under contra. The word contra means transfer of position. that is we take something from the cash box and the same will be transferred to Bank account.With this the cash account will not affect but the placement will change. But when we take loan from banks we have to treat it as Personal account.
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