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Golden Rules Of Accounting or Types of Accounts :: Personal, Real, Nominal
Types of accounts
Personal accounts are the accounts of persons, firms, concerns and institutions which the businessmen deal.
Debit the receiver
Credit the giver
These are the accounts of things, materials, assets & properties. It has physical existence which can be seen & touch.
Ex. Cash, Sale, Purchase, Furniture, Investment etc.
Debit what comes in
Credit what goes out
Nominal account is the account of services received (expenses and Losses) and services given (income and gain)
Ex. Salary, Rent, Wages, Stationery etc.
Debit all expense/losses
Credit all income/ gains