Answer Posted / mohammed arif

There are Three types of Account which are as follows.

1) Personal Account
2) Nominal Account
3) Real Account

Personal Account: Debit the giver and Credit the receiver.
Example: Person, Bank , Firms, Trust etc.....

Nominal Account: Debit All expenses Losses and Credit All
income gains.
Example: Salaries paid Rent Paid (Expenditure)
Commission Received, Dividend Received (Income)

Real Account: Debit what comes in Credit What goes out
Example: Assets Cash Machinery Lease hold Goodwill
investments etc........

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