Types of Accounts

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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

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