Question 19 of 31
Q.Classify the following into personal, real and nominal accounts.
(i) Capital
(ii) Building
(iii) Carriage inwards
(iv) Cash
(v) Commission received
(vi) Bank
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2023Subjective· 3mImportance★★★★★
61% · 19/31 Questions
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Start your 14-day free trial to unlock the full solution →Capital and Bank are personal accounts, Building and Cash are real accounts, Carriage inwards and Commission received are nominal accounts.
Under the traditional classification:
- Personal accounts relate to persons, firms and institutions (including representative personal accounts such as capital, which represents the owner).
- Real accounts relate to assets and property.
- Nominal accounts relate to expenses, losses, incomes and gains.
| Item | Type of account | Reason |
|---|---|---|
| (i) Capital | Personal (representative personal) | Represents the amount owed by the business to its owner |
| (ii) Building | Real | It is a tangible fixed asset |
| (iii) Carriage inwards | Nominal | It is an expense of the business |
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