Plz help me someone who post me classification of accounts heads in proper manner
Rohit Kaushal (Accounts Manager) (54 Points)
19 September 2010Plz help me someone who post me classification of accounts heads in proper manner
Gorksh
(Employee)
(23 Points)
Replied 14 December 2010
Hi,
There are 2 type of classification
1) TRADITIONAL CLASSIFICATION OF ACCOUNTS :
The three types of accounts maintained for transactions with parties are as follows.
Real Accounts:
They are the accounts of all assets used in the business or belonging to the business
Personal Accounts:
They are the accounts of the all natural and artificial persons.
Nominal Accounts:
They are the accounts of the all income and expenses and gains and losses suffered in business.
Illustration 1.
1) Mr. Bachan started a business with a cash Rs.9,00,000/-.
2) He purchased an asset for Rs. 3,00,000/- by cash.
3) He brought in to business furniture (personal assets) worth Rs.5,00,000/-.
4) He purchased goods worth Rs. 75,000/- cash.
5) He opened bank a/c with S B I by depositing cash of Rs.1,00,000/-.
6) During the month he paid a) salary Rs. 50000/-. b) Transportation Rs. 75,000/-.
7) He sold goods worth Rs.50000/- at Rs. 90,000/-.
2) MODERN CLASSIFICATION :
Accounting Equation There are two accounting equations as follows Assets= capital + liabilities Income = Expenses +Profit (profit & loss A/c equation) Concept of Debit, Credit and Duality:
Illustration 2
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