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query

Abhinandan (student) (407 Points)

13 October 2010

pls pls tel me the nature of these accounts whether nominal or real or personal

Acceptances endorsements n other obligations account

rebate on bill discounted account

discount on bills ac

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8 Replies

sudhakar ca cwa (service) (1518 Points)
Replied 13 October 2010

the below two are nominal a/c

rebate on bill discounted account

discount on bills ac

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ACMA Obulirajan R (M.Com, ACMA) (1119 Points)
Replied 13 October 2010

All the three accounts are nominal a/c

CA. Megha Topiwala (Job) (1534 Points)
Replied 13 October 2010

the below 2 are nominal...

(1) rebate on bill discounted account

(2) discount on bills ac

not aware of abt the 1st one...

CA Himanshu Bansal (Risk Manager) (2345 Points)
Replied 13 October 2010

1. Acceptances endorsements n other obligations account - [No Idea]

2. rebate on bill discounted account - Nominal Account

3.discount on bills ac - Nominal Account

ACMA Obulirajan R (M.Com, ACMA) (1119 Points)
Replied 14 October 2010

Sorry guys... I think Acceptances endorsements n other obligations account is a REAL ACCOUNT

The real accounts related to accounts that are intangible like assets, reserves, capital, and liabilities whose balances are carried to next operational cycle are real accounts. The accounting rule that is used for this type of accounts are "debit what comes in" and "credit what goes out".