Types of Accounts
TYPES OF ACCOUNTS 1. Personal account: Personal accounts are the accounts of persons, firms, concerns and institutions while. The businessmen deal. Debit the receiver Credit the giver 2. Real Account: These are the accounts of things, materials, assets & properties. It has physical Existence which can be seen & touch. Ex. Cash, Sale, Purchase, Furniture, Investment etc. Debit what comes in Credit what goes out 3. Nominal account: Nominal account is the account of services received (expenses and Losses) and Services Given (income and gain) Ex. Salary, Rent, Wages, Stationery etc. Debit all expense/losses Credit all income/ gains Note: - Under any transaction the total of debit column of the journal should be the same as that of credit column