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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?
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Answer / 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 |
Answer / unknown
It's nominal a/c as it is appropriated out of the surplus profits of the firm
| Is This Answer Correct ? | 8 Yes | 25 No |
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