Nominal account and real account
Describe in brief each nominal account and real account with illustration?
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Real Account: is an account of Liabilities and assets. Sorts of Real account
- Furniture Account- Land Account- Machinery Account- Building Account- Goodwill Account- Patents & Trade Marks Account.
Nominal Account: It is an account of expenses or incomes. Sorts of Nominal account:
- Salary Account,- Commission Paid or Received Account,- Telephone Expenses Account,- Wages Account,- Printing and Stationery Account,- Interest Paid or Received Account.
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