What is the nature of deficiency account?? Is it personal real or nominal account??
9 Replies
Lisha Bansal
(CA Finalist)
(2595 Points)
Replied 19 March 2019
Deficiency account is prepared to show total losses of company on account of various reasons. It is just a statement and does not follow principles of double entry.
Thus, it would not fall into any category you mentioned above.
Priya Kashyap
(Student)
(7053 Points)
Replied 19 March 2019
Lisha ma'am but it must be carrying estimated realization values of assets and their insufficiency to meet creditors' claims and occasionally indicating the causes of the difficulty.
can't it be said that balance of nominal?
can't it be said that balance of nominal?
srinivasan ak
(149 Points)
Replied 19 March 2019
Thanks a lot. Please confirm me once answer is finalized. Which one is right.
srinivasan ak
(149 Points)
Replied 19 March 2019
Thanks a lot. Please confirm me once answer is finalized. Which one is right.
Lisha Bansal
(CA Finalist)
(2595 Points)
Replied 21 March 2019
Sorry for replying a little late. It can be nominal account in that case.
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