Types of Accounts

Types of Accounts

We all know Account has Two sides, One is debit (Dr) and other is Credit (Cr) According to accounting System

there are Three types of accounts
All accounts has Double Impact as Debit & Credit.


1. Personal Account

2. Real Account

3. Nominal Account

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1. Personal Account

     

      PERSONAL ACCOUNT  is an Account which has all information about 

personal names and organizational names.

for Examples, Gokul, Rupa, Ram, Albert, Wilson, ABC Company Ltd, Xyz bank ltd. etc.

 In the personal account there is two created parties. one is Receiver and other is Giver. 

  According to the Accounting System, Receiver is always Debited and Giver Is always Credited. 

2. Real Account

   Real Account is an Account Which has All information about Real/ tangible Assets 

      for Examples:- Cash, Building, Machines, Vehicles, Receivables, Debtors, etc.

   In Real Account there is two transactions, one is incoming of Assets and 

   others is Outgoing of Assets. 

            According to the Accounting System, incoming of Assets is always Debit & Outgoing of Assets is always Credit.

3. Nominal Account

      Nominal Account is a Account Has All Information about Nominal Expenses 

     and Incomes.  For examples, Salary, Wages, Electricity, profits, Gains, Rent, Interests,  etc.

In Nominal Account there is two transactions, One is Incomes and Other is Expenses.

According to the Accounting System, Expenses is always Debit & Income is Always credit.

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