what is difference between nominal and real account ?
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Answer / dipin k j
Nominal account deals with all expenses and incomes but real account deals with both assets and liabilities.
Rule for nominal account:
Debit all expenses and losses and Credit all incomes and gains
Rule for real account:
Debit what comes in and credit what goes out
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Answer / darvesi
Nominal account deals with profits and losses where as real
accounts deals with assest what comesin and what goes out.
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Answer / prem
Nominal account is that ,which business can feel,estimate,
but cann't see(invisible),But for which business is
Real account is that ,which business can feel,estimate and
also can see(visible)but,which deals for business.Example-
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