In accounting, there are three types of accounts.
They are personal account, real account and nominal account.
In this account, we record name of person, company, organization, institutes and firm.
There are three types of persons in accounting.
They are natural person, artificial person and representative person.
Natural person |
Amitabh Bachchan, Rajesh Hamal, Fawad Khan, Vipul, Prathit, Aishwarya Rai, Eshna, Manju, etc |
Artificial person |
Reliance Industries Limited, Dabur Nepal, Delhi University, Tribhuvan University, EP Publication etc. |
Representative person |
Debtors, creditors etc. |
There are two types of persons in personal account.
First is receiver person and second is giver person. According to rule:
In personal account: |
|
Increase or Decrease |
||||
Receiver Giver |
Dr Cr |
|
Increase debtor Decrease debtor |
Dr Cr |
Increase creditor Decrease creditor |
Cr Dr |
REAL ACCOUNT
In real account, we record tangible and non-tangible assets.
Tangible assets are fixed assets and current assets.
Intangible assets are fictitious assets.
Fixed assets |
land and building, plant and machinery, furniture and fitting, investment etc. |
Current assets |
cash, bank (cheque), stock* (inventory), debtors etc. |
Fictitious assets |
goodwill, trade mark, preliminary expenses etc. |
There are two types of real account.
First is comes-in and second is goes-out. According to rule:
In real account: |
|
Increase or Decrease |
||||
Comes in Goes out |
Dr Cr |
|
Increase asset Decrease asset |
Dr Cr |
Increase liability Decrease liability |
Cr Dr |
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Keep in Mind (KIM)
Stock* or inventories are classified into four groups: Business started with goods is opening stock. Purchase goods or stock is purchase. Sold goods or stock is sales. Unsold goods or stock is closing stock. Closing stock of current year becomes opening stock of next year. |
In nominal account, we record expenses and incomes, profit and loss of organization.
There are three types of heading for expenses.
They are factory expenses, office expenses, selling and distribution expenses.
Expenses |
salary, wages, rent, stationery, telephone, internet expenses, insurance etc. |
Incomes |
commission, interest, dividend, discount, rent received etc. |
There are two types of nominal accounts. First is expense or loss and second is income or profit. According to rule:
In nominal account: |
|
Increase or Decrease |
||||
Expense or loss Income or profit |
Dr Cr |
|
Increase expense Decrease expense |
Dr Cr |
Increase income Decrease income |
Cr Dr |
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