Hi Guys, got an interesting thought from net:
Nominal a/c vs personal & real account
Bhaskar Unnikrishnan CPA CMA (Accounts / Administration) (414 Points)
05 March 2012
1 Replies
Raja Panduranga CA, CS, LLB
(Cheif Finance Officer)
(581 Points)
Replied 05 March 2012
Because Personal and real account are Balancesheet items and Nominal account is profit & loss item, where every debit in BS, there will be credit in PL and vice versa (except BS to BS entries), Hence it is opposite. This is just a Debit / Credit rule.
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
