Types of Accounts

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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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