Classification of accounts real nominal personal with examples
Book - Keeping and Accountancy Classification of Account : The ledger accounts may be classified as under : 1) Personal Accounts 2) Impersonal Accounts :- a} Real or Property Accounts b} Nominal or Fictitious Accounts This, Accounts may be of three kinds : 1] Personal Accounts 2] Real Accounts 3] Nominal Accounts Personal Accounts :- These are the accounts of individuals, firms, limited companies, local authorities, associations with whom the businessman deals. A separate account is maintained for every person or firm or company. These accounts may be of creditors, debtors, bankers etc. For recording transactions, these accounts are treated as "Personal Accounts". Personal accounts. In practice, may be of the following types: Real Accounts :- ...