Personal , Real and Nominal Accounts | Golden Rules of Accounts | Types of Accounts | Class 11

Types of accounts and Golden Rules of Accounting in most easy way
Real, Personal, Nominal Accounts and Golden Rules of Accounting
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Real Account
• Represent the Assets and Properties Accounts:
• Classified into
1. Tangible Accounts: Land, Building, Machinery, Cash, Furniture, Vehicle Account
2 Intangible Accounts: Goodwill, Patents, Trademark etc
• Also known as balance sheet account as Real account is not closed at the end of the accounting year and are transferred to the Balance sheet
• Generally, have a Debit balance only
• Golden Rules of Accounting for Real Account
Debit: What’s comes in
-Credit: what’s goes out
• Example: Furniture Purchased for Cash Rs 5,000
Furniture Dr ( Coming in) 5,000
To Cash ( Going Out) 5,000
Personal Account:
• It Represent the person or Business (Firms, Proprietorship Firm, Company etc)
• Can be classified into three
1. Natural Person: Vaibhav, Ram, Neha
2. Artificial Person: Reliance Industries, Wipro Ltd , HDFC Bank
3. Representative Company: Outstanding Expense , Outstanding Salary , Prepaid Rent
• They can have Debit or Credit balance
• Golden Rules of Accounting for Personal Account
-Debit the Receiver
-Credit the Giver
• Example: Cash Given to Neha Rs3,000
• Neha Account Dr (Receiver of Cash) 3,000
To Cash (Going Out) 3,000
Nominal accounts
• Related to Income / Gain and Expense /Losses Account
• All kind of Income and All kind of Expense are classified as Nominal Account
• At the end of year, they are transferred to the Trading Account or Profit and Loss Account
• Golden Rules of Accounting for Real Account
-Debit: All Expense and Losses
-Credit: All Income and Gain
• Example: Salary Rs 12,000 Paid
Salary A/c Dr ( Expense ) 12,000
To Cash ( Going Out) 12,000
Real, Personal, Nominal Accounts and Golden Rules of Accounting
This is just a Demo Video, For Full Video Please Visit www.AccountsFunda.com or Call / WhatsApp at 9549168168 for Class 11th and 12th (CBSE) Accounts.
Key Feature of Pen drive Video Lecture of Class 11 and 12th Class by CA Deepak Lalwani Jain
( www.AccountsFunda.com )
• Very Detailed Lectures
• Each topic has been explained in most Simplified Way Possible
• Question Bank Book Covering all the question that can be asked in exam has been explained in video lecture
• All Major book Like DK goel and TS grewal question can be easily Solved
• Focus is on Strong Fundamental and Concept (No Mugging ever)
• Query can be asked over phone, WhatsApp or Video Call (Always available for Students)
• No Internet is Required
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About Deepak Lalwani
• Deepak Lalwani, Chartered Accountant (CA) is known for his ability to explain accounting in a clear, concise, Simple and thorough manner.
• Deepak has Teaching experience of 12 years across Mumbai, Delhi and Jaipur
• Awarded “Employee of the Year” award for Excellence out of over 1,000 employees
• Even Students with no prior accounting knowledge can master accounting concept with ease.
• He has very high patience level. You can ask n number of questions to him and he will reply each question with a smile
• He can be reached at 9549168168 ( via Call or WhatsApp)

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Comuter.. Personal account

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Personal

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Personal

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Personal account

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Sir please discuss about.. Investment, bill receivables, bill payable.. These are the example of which account..

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Thank you very much for explaining it so well
God bless you 👍

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Best teacher and mentor,♥️♥️

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:)

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My pleasure qasim