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Is suspense account a nominal account?
Not necessarily. It can be of any type. Real, Personal or Nominal.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is bad debts a personal account or nominal account?
Bad debts accounts is a nominal account shown in income statement and use to reduce the accounts receivable amount.
Is investment ac is nominal account?
Investment A/C is personal account
Is loan account real nominal or personal?
Loan account is a personal account in nature so increase with debit and decrease with credit.
Is suspense account a nominal account?
Not necessarily. It can be of any type. Real, Personal or Nominal.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is outstanding salary nominal account?
no,it's personal account.
Is capital account is personal account or real account?
Capital account as well as Drawings account are Personal accounts !!!
Is bad debts a personal account or nominal account?
Bad debts accounts is a nominal account shown in income statement and use to reduce the accounts receivable amount.
Is investment ac is nominal account?
Investment A/C is personal account
Definition of nominal real and personal accounts?
A nominal real account represents incomes, gains, expenses, and losses. A personal account represents a person's and organization's expenses.
Is loan account real nominal or personal?
Loan account is a personal account in nature so increase with debit and decrease with credit.
What are three golden rules of accounting explain them in detail?
Real account personal account nominal account
What is the meaning of nominal account and real account and personal account?
The account related to the individual firm , company,and institution is called personal account. THE account related to the things or properties of business organisation whose valuation can be done in terms of cash is called real account. the account related to the income , expenses,profit and gain is called nominal account. .
Is liability is a real account?
It may be real account or personal account depending upon the type of liabilities. it can however never be a nominal account
How can enter drawings in tally erp9?
In Tally ERP 9, you can enter drawings by creating a separate ledger for "Drawings" under the capital account. When you withdraw money or goods for personal use, you will create a journal entry debiting the Drawings account and crediting the relevant bank or inventory account. This ensures accurate tracking of personal withdrawals against your business finances. To maintain clarity, it's advisable to regularly review the Drawings account as part of your financial reports.
