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ACCOUNT
In actual practice, the individual transactions of
like nature are recorded, added and subtracted at
one place. Such place is customarily termed as
an Account.
An account is a ledger record in a summarized
form, of all the transactions that have taken place
with the particular person of things specified
- Carter
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Personal Account
The accounts which relates to an individual, firm,
company or an institution are called personal
accounts.
Account of Mohan, account of Shweta, Account of
Reliance Industries Ltd., Account of Delhi
University, Bank Account, Capital Account of the
proprietor, etc.
REAL ACCOUNTS
The accounts of all those things whose value can
be measured in terms of money and which are
the properties of the business are termed as Real
Account. Such as Cash Account, Furniture
Account, Machinery Account, Building Accounts,
Goodwill Accounts etc.
Types of Real Accounts:
Tangible Real Account: E.g. Cash A/c, Furniture
A/c, Land A/c etc.
Intangible Real Account: E.g. Goodwill A/c,
Trade Mark A/c, Patent A/c, Copyright A/c etc.
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NOMINAL ACCOUNTS
Cash Account
EXAMPLES
Example
Example
Example
Example
Example
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