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What is the difference between personal account real account and nominal account?

Open uri20170510 32134 ughyv5?1494421703 asked

Hi I am preparing for CA exam. I am having doubt about accounting. Can I know, What is the difference between personal account real account and nominal account?

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

1.Tangible real account - assets that can be touched and felt. eg: plant, machinery, computer, etc.., 2.intangible real account - assets that can't be touched/ no physical shape. eg: goodwill, patent, etc..,. Nominal account - **expenses, losses, incomes and gains** of the business comes under this account.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

1.Natural persons - Eg: ganesh a/c, priya a/c, shyam a/c. 2.Artificial persons - firm/companies/bank/cooperative society a/c. 3.representative personal a/c - outstanding expenses and accrued or prepaid incomes comes under this. real account - **assets** of the business is recorded under this account. it is divided into tangible and intangible real account.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**Personal account** - It deals with `**persons**`. It is of three types: 1.Natural persons - Eg: ganesh a/c, priya a/c, shyam a/c. 2.Artificial persons - firm/companies/bank/cooperative society a/c. 3.representative personal a/c - outstanding expenses and accrued or prepaid incomes comes under this. **real account** - `**assets**` of the business is recorded under this account. it is divided into tangible and intangible real account. 1.Tangible real account - assets that can be touched and felt. eg: plant, machinery, computer, etc.., 2.intangible real account - assets that can't be touched/ no physical shape. eg: goodwill, patent, etc..,. **Nominal account** - `**expenses, losses, incomes and gains**` of the business comes under this account.

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