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
dealed.Example-expences,incoms,profit,loss,gains,etc.
but
Real account is that ,which business can feel,estimate and
also can see(visible)but,which deals for business.Example-
cash,land,furnitur,building,etc.
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